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.
Kemira buys 70% of two Russian paint factories
By Tim Wright
Published December 13, 2006
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