Tikkurila completes the divestment of its powder coatings business
Tikkurila Oyj / Press Release / January 26, 2011 at 1:00 pm (CET+1)
Tikkurila has completed the selling of its powder coatings business. All shares in OOO Tikkurila Powder Coatings, a Russian industrial coatings company, were transferred to Teknos Group Oy on January 26, 2011. The sales and purchase agreement was signed in December 2010, and an approval for the transaction has been received from the competition authorities.
Tikkurila divested its industrial powder coatings business, because it is not a part of Tikkurila's core business. After the transaction, Tikkurila has no powder coatings related operations.
The revenue of the sold company was EUR 2.4 million in 2010, and it employs some 50 people. The transaction does not have a significant impact on the financial result or balance sheet of the Tikkurila Group.
Tikkurila is the leading decorative paints company in Russia, where it operates four paint factories after the transaction. The products are sold under the brands of Tikkurila, Teks, Finncolor and Gamma in over 5,000 retail outlets. Tikkurila has some 1,500 employees in Russia.
For further information, please contact:
Erkki Järvinen, President and CEO
Phone +358 400 455 913
Tikkurila provides consumers, professionals and the industry with user-friendly and environmentally sustainable solutions for protection and decoration. Tikkurila is a strong regional player that aims to be the leading paint company in the Nordic area and Eastern Europe including Russia. - Tikkurila inspires you to color your life.
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