Industry News

Kemira: Tikkurila to Acquire a Sales Company in Slovakia

Published on 2008-12-16. Author : SpecialChem

Following its strategy of growth, Tikkurila, which is responsible for Kemira's paints and coatings business, will strengthen its position in Eastern Europe by acquiring the sales company Finncolor Slovakia s.r.o. operating in Martin, Slovakia. Tikkurila will purchase 100% of the company's shares from its management. The ownership will be transferred to Tikkurila on December 31, 2008, and the company name will be changed into Tikkurila Slovakia s.r.o. The parties have agreed on not disclosing any financials details.

Until now, Finncolor Slovakia has acted as Tikkurila's importer for decorative paints and industrial coatings in Slovakia. Tikkurila has been exporting its products to the country since the mid 1990s. In 2007, Finncolor's operations in the Slovakian paint market had a revenue totalling approximately EUR 3 million.

This acquisition is aimed at strengthening Tikkurila's position in a strategic core area in Eastern Europe. Tikkurila Slovakia s.r.o. will have its own sales and marketing organisation, warehouse in Martin and shops in Bratislava, Martin and Presov.

About Tikkurila:

Tikkurila (Kemira Coatings) is the leading regional paints and coatings company in Finland, Sweden and Russia and one of the leading in its field in the Baltic countries, providing consumers and professionals with branded products in approximately 40 countries. The product range consists of decorative paints and coatings for the wood and metal industries. In 2007, the company had a revenue of approximately EUR 625 million and a payroll of 3,800 employees.

Kemira will be a focused company, the best in water and fiber management chemistry.

In 2007, Kemira recorded revenue of approximately EUR 2.8 billion and had a staff of 10,000. Kemira operates in 40 countries.

Source: Tikkurila

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