Industry News

Kemira: Tikkurila to Sell its Stake in JV Sto-Tikkurila to Sto AG

Published on 2008-04-25. Author : SpecialChem

Tikkurila Oy, the company that is responsible for Kemira's paints and coatings business, has signed an agreement to sell its 50% stake in OOO Sto-Tikkurila to the other party, Sto AG of Germany. The parties have agreed on not disclosing any financials details.

The joint venture OOO Sto-Tikkurila was established in June 2006 in Moscow, Russia, with the business idea of production and project sales of various coatings systems for facades. Now the Germany-based Sto AG wishes to continue the business on its own, while Tikkurila will continue operating in the Russian facade coatings market under its own brands. The markets for facade systems are developing rapidly due to the strong growth in the construction activity.

Tikkurila has been exporting paints and coatings to Russia since the 1970s, and started local production in St. Petersburg in 1995. Today the company has six paint plants and a distribution network covering 100 cities and towns in the country. The most popular brands are Tikkurila, Finncolor and Teks with a common market share of nearly 25% of the Russian decorative paints market.

Sto AG Group is one of the most significant 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.

Source: Tikkurila Oy

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