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.