Tikkurila to Sell its Powder Coatings Business
To focus on core decorative coatings business.
Tikkurila Oyj's Swedish subsidiary Dickursby Holding AB is to sell all the shares in Tikkurila Powder Coatings, a Russian industrial coatings company, to Teknos Group Oy. With a production plant in St. Petersburg, Tikkurila Powder Coatings sells and markets its products in Russia under the Ohtek brand. Tikkurila said it is divesting its industrial powder coatings business because it is not a part of its core business. After the transaction, Tikkurila has no powder coatings related operations. Tikkurila Powder Coatings' revenue will be approximately €2.3 million in 2010, and the company employs approximately 50 people. Tikkurila is the leading decorative paints company in Russia, where it operates four paint factories after the transaction. Its 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.
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