Tikkurila completes the divestment of its powder coatings business
Tikkurila has completed the selling of its powder coatings business. All shares in Tikkurila Powder Coatings, a Russian industrial coatings company, were transferred to Teknos Group Oy on January 26, 2011. The sales and purchase agreement was signed in December 2010, and an approval for the transaction has been received from the competition authorities. Tikkurila divested its industrial powder coatings business, because it is not a part of Tikkurila’s core business. After the transaction, Tikkurila has no powder coatings related operations. The revenue of the sold company was €2.4 million in 2010, and it employs approximately 50 people. The transaction does not have a significant impact on the financial result or balance sheet of the Tikkurila Group, according to the company. Tikkurila is the leading decorative paints company in Russia, where it operates four paint factories after the transaction. The products are sold under the brands of Tikkurila, Teks, Finncolor and Gamma in over 5,000 retail outlets. Tikkurila has approximately 1,500 employees in Russia.