June 14. 2006
Tikkurila and Sto to establish JV in Russia
Tikkurila Oy, which is responsible for Kemira's paints and coatings business, and the Germany-based Sto AG have agreed on establishing a joint venture called OOO Sto-Tikkurila in Moscow, Russia. Operations will start as soon as the company has been registered and the necessary approvals have been obtained. Both companies will have a 50% share of the new company.
The business idea of OOO Sto-Tikkurila will be the manufacture and project sales of various coatings systems for facades in Russia. The products will be based on Sto's technology and sold under the Sto brand. Marketing will use Tikkurila's existing infra structure and local knowledge in Russia. The markets for facade systems are developing rapidly due to the strong growth in the construction activity in general
Tikkurila is the leading paint manufacturer in North and East Europe with net sales of EUR 458 million in 2005. The company has production units in seven countries and sales units in six more countries. The product range comprises decorative paints and industrial coatngs. For more information, please visit www.tikkurila.com, www.tikkurila.ru and www.kemira.com.
Sto AG Group with net sales of approx. EUR 740 million is one of the most significant and innovative producers of construction paints. The company is a global leader in thermal insulation systems. The main products also include high-quality facade elements and renders, plasters and paints for exterior and interior applications. Focal points of operations also comprise concrete restoration and facade systems. More information at www.sto.com.
For further information
Janno Paju, Tikkurila Oy, Vice President, Deco Eastern Europe
Michael Rust, Sto AG, Senior Vice President, International Business
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