From Zero to €100 million in Four years

Saxdor is a Finnish private yacht manufacturer that has rapidly gained recognition on the international market and currently employs nearly 600 people. The main production site is located in Ełk, in northeastern Poland. The company was founded in 2019, production started in the spring of 2020, and sales are expected to exceed €100 million in 2024. We spoke to Saxdor CEO, Erna Rusi, about the business, Poland, and the company's unprecedented success story.

What is the current state of Saxdor in Poland, and what factors influenced your choice of Elk as the location?

We have nearly 10,000 m² of production facilities in Elk and we currently employ over 500 people in Poland. The Ełk area has a long history of shipbuilding, so the local labor pool influenced our decision to establish production there. 

You started just four years ago, during the first wave of the pandemic, and your growth is impressive. It's quite a unique success, isn't it?

I suppose so. In 2022, we had €38 million of sales, in 2023 €74 million, and this year sales are expected to exceed €100 million. Our demand is really strong, we could even triple the production capacity.

Your yachts are indeed impressive. Do most of your clients come from the European region?

There are certainly a lot of clients from Europe and the Mediterranean, but Asia and the Americas are also growing very fast. We also have many interesting clients, well-known names, royal families, etc. Sometimes we have to catch our breath and think, "Wow, where are we?"

During the summer 2024, you announced that your next production facility will be located in Finland. Why did you decide to expand in Finland rather than Poland?

We had the option to enlarge the factory in Poland, but it turned out that the new building project in Elk would have taken much longer and we needed new capacity really fast. Additionally, just like in Elk, the area around the new Larsmo factory has a long shipbuilding tradition and is known for its craftsmanship.

How about rising costs in Poland? Did it have any impact?

Of course, we notice it all the time. Not only are salaries growing rapidly, but sometimes subcontracting is even more expensive than in Finland. If this trend continues, Poland will soon catch up to Finland.

In the Ełk region, you also have the Saxdor Academy, could you tell us a bit more about it?

We partner with a local technical school and have a special program to train students as shipbuilders. With 80 students currently enrolled, our program has drawn strong local interest and even visits from government officials. This initiative aims to bolster Poland’s shipbuilding workforce, offering programs for both youth and adults.

Finally, what would you bring from Poland to Finland?

When Polish workers start working, they really put in a lot of effort to get things done. They don’t complain about overtime, the working morale is great and they genuinely want to succeed. On the other hand, sometimes there is a cultural difference when it comes to proactivity and taking responsibility.