Tikkurila to sell its powder coatings business
Tikkurila Oyj's Swedish subsidiary Dickursby Holding AB is to sell all the shares in OOO Tikkurila Powder Coatings, a Russian industrial coatings company, to Teknos Group Oy. With a production plant in St. Petersburg, OOO Tikkurila Powder Coatings sells and markets its products in Russia under the Ohtek brand. The transaction is subject to approval of the competition authorities.
Tikkurila is to divest 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 transaction will not have a significant impact on the financial result or balance sheet of the Tikkurila Group. The revenue of OOO Tikkurila Powder Coatings will be approximately EUR 2.3 million in 2010, and the company employs some 50 people.
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.
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.