PPG and Tikkurila activate options to exit Russia
PPG (owner of Tikkurila) is winding down business in Russia as previously stated, while maintaining support of our local employees.
Currently, we continue to make only a minimum amount of sales sufficient to generate enough local currency to pay these employees. We had previously ceased all sales to the Russian oil and gas industry, state-owned entities, parties that fall within the scope of recent regulations and the aerospace market.
The company plans to donate net profits, if any, generated by our Russian operations for full calendar year 2022 to nonprofit organizations providing direct humanitarian support.
Due to our inability to sustainably operate even at this minimum level, PPG has taken the decision to activate options in an effort to exit Russia, including a possible sale or a controlled withdrawal from the Russia market.
PPG does not have any additional information to share at this time.
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in seven countries and our 2,700 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2018, our revenue totaled EUR 562 million. The company is listed on Nasdaq Helsinki.
Nordic quality from start to finish since 1862.