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Tikkurila sells coil coating business to Teknos

By Christine Esposito | October 19, 2005

Tikkurila has signed an agreement to sell its coil coating business—which had sales of approximately €15 million in 2004—to Teknos Group Oy.  Financial details were not released.

The business will be transferred to a new company, Teknos Nova Coil Oy (TNC).

Ulf Koivula, formerly president of Tikkurila Coatings Oy, has been appointed managing director of the new company. He is also a minority shareholder in TNC.

In the deal, key coil coating sales and R&D staff will transfer to the Teknos Group. Production employees will remain with Tikkurila.