Breaking News

Kemira buys 70% of two Russian paint factories

By Tim Wright | December 13, 2006

Finnish chemicals group Kemira's paint and coatings unit, Tikkurila, has agreed to purchase 70% of two paint factories in St. Petersburg, Russia called Gamma and Ohtinski zavod poroshkovyh krasok.

Both factories combined employ 160 people and have annual sales of approximately €11 million.

"The acquisition will considerably increase Tikkurila's sales and market position in the Russian market of metal industry coatings," said a company spokesperson.

It added that negotiations were due to be finalized before the end of January next year.