Tikkurila, which is responsible for Kemira's paints and coatings business, has increased its ownership in the Ukrainian-based company Kolorit Paints. After the Ukrainian party LGU sold its 49% stake, Tikkurila Oy owns 100% of the company shares. Financial details were not disclosed.
At the same time, the company name was changed to TOB Tikkurila. With net sales totalling approximately $3.7 million in 2005, the company manufactures water-borne paints in Kiev for mainly professional users under the brand name Kolorit. From now on, TOB Tikkurila will also market Finnish-made decorative paints under the Tikkurila brand and industrial coatings under the Tikkurila Coatings brand.
Tikkurila acquired a majority stake in Kolorit Paints in the autumn of 2004. The recent acquisition will further strengthen the company's market position in the CIS area and especially in Ukraine. Paints and coatings from Tikkurila have been exported to the country since the beginning of the 1980s.
Ukrainian Paint Company Transferred to Tikkurila's Ownership
By Tim Wright
Published July 26, 2006
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