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Tikkurila Acquired a Majority Stake in Kolorit Paints

Published on 2004-09-22. Author : SpecialChem

The transaction between the Finland-based Tikkurila Oy, which is responsible for Kemira's paints and coatings business, and the Ukrainian-based company Kolorit Paints has been finalized. The deal took effect on 13 September 2004. Financial details were not disclosed .

The acquisition of a 51% stake in Kolorit Paints will strengthen Tikkurila's market position in the CIS area and especially in the Ukraine. Exports of paints and coatings have been made by the Group to the Ukraine since the beginning of the 1980s. Kolorit Paints with facilities in Kiev produces water-borne varnish and paint materials with annual sales of approx. USD 2 million (EUR 1.6 million).

Tikkurila Oy is the parent company of the Tikkurila Group, a major paint manufacturer in Northern and Eastern Europe with net sales of EUR 440 million and 2,300 staff. With production facilities in eight countries, the Group mainly manufactures decorative paints, industrial wood finishes, paints for the metal industry, protective coatings and coil coatings.

Source: Kemira Paints

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