PPG and Tikkurila scale down their operations in Russia
PPG, of which Tikkurila has been a part since 2021, is scaling down its operations in Russia. Since the war in Ukraine began, the company’s highest priority has been to protect the safety and wellbeing of its employees, including those from Ukraine and those located within Russia.
Since the war began, we made immediate decisions to refrain from sales to Russian state-owned entities, parties that fall within the scope of recent regulations and the aerospace market. The company is also not doing any new investments and has taken steps to wind down various other operations in Russia.
We intend to continue to sell a minimum amount of essential products in Russia because it is necessary to generate local currency in order to maintain employment and meet payroll. 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.
We continue to closely monitor developments in the region and any additional support needs. Local teams will continue to provide direct support to affected families, especially in the European countries near Ukraine, including Poland, Romania, Slovakia, Hungary and Moldova.
To support the urgent needs and extreme hardships of the developing refugee crisis, PPG on March 1 made an initial donation of $250,000 to humanitarian relief, as well as longer-term recovery support. This included a $50,000 match of employee donations.
Now, with more than 3 million refugees leaving Ukraine for safety, support and shelter, PPG has announced that it will extend the company match to $100,000, provide another $150,000 to nonprofits providing humanitarian support, and also direct additional community giving budgets to help in this time of need. In total, PPG has now committed more than $450,000 in support. In addition, PPG employees have also been providing direct support to those in need, including taking refugee families into their homes.
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 eleven countries and our 2,400 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2020, our revenue totaled EUR 582 million. In June 2021, Tikkurila became part of PPG.