Trustee Appointed for the Arbitration Proceedings Concerning the Redemption of Minority Shares in Tikkurila Oyj
Stock exchange release
23 June 2021 at 5.10 p.m. EEST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH IT WOULD BE PROHIBITED BY APPLICABLE LAW.
PPG Finland Oy ("PPG Finland") has on 11 June 2021 commenced redemption proceedings in respect of shares held by Tikkurila Oyj’s ("Tikkurila") minority shareholders by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Tikkurila.
As a result of PPG Finland's application for the above-mentioned arbitration proceedings, the Redemption Board of the Finland Chamber of Commerce has petitioned the District Court of Itä-Uusimaa for the appointment of a trustee to look after the interests of Tikkurila's minority shareholders during the redemption process. With its decision given on 22 June 2021, the District Court of Itä-Uusimaa has appointed attorney-at-law Pauliina Tenhunen to act as such trustee.
PPG Finland's notice, as referred to in Chapter 18, Section 5, Subsection 2 of the Finnish Companies Act, is attached to this release.
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Tikkurila offers decorative paints for consumers and professionals for surface protection and decoration. In addition, the Company produces paints and coatings for the metal and wood industries.
Tikkurila’s business highlights high-quality and long-term product development and considerable marketing investments. The Company’s brands include, among others, Tikkurila, Beckers, Alcro, Teks, and Vivacolor. Tikkurila uses the Beckers brand only in its decorative paints in Scandinavian countries as well as in some parts of Eastern Europe under a license from Aktiebolaget Wilh. Becker, obtained in conjunction with its acquisition of Alcro-Beckers AB in 2001. Important factors in the Company’s operations include a functioning and extensive distribution network, diverse services and an efficient supply chain. Tikkurila has seven (7) production facilities in six (6) countries and around two thousand four hundred (2,400) employees. Tikkurila’s products are available in more than forty (40) countries. Further information about Tikkurila may be found from the following website www.tikkurilagroup.fi.
Appendix 1: Redemption claim regarding minority shares based on the Finnish Companies Act
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 2,400 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2020, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.