Kemira has recently strengthened its market position in Eastern European paint markets. Tikkurila, which is responsible for Kemira's paint and coatings business, acquired 70% of two St. Petersburg, Russia-based paint companies by the name of Gamma and Ohtinski zavod poroshkovyh krasok.
Gamma is one of the most significant producers of metal industry coatings in Russia with net sales of approximately €8 million and a staff of 110. Ohtinski zavod poroshkovyh krasok manufactures and markets powder coatings under its own OHTEK brand. The company has net sales of approximately €3 million and it employs 50 people.
The acquired companies will continue their operations as new companies under the names of Gamma Industrial Coatings and Tikkurila Powder Coatings. The whole personnel will transfer to the new companies. The present management will continue both as management and minority shareholders of the new companies.
The acquisition will considerably increase Kemira's sales and market position in the Russian metal industry coatings market, according to the company.
Tikkurila acquires two Russian coatings companies
By Tim Wright
Published April 12, 2007
blog comments powered by Disqus