06.27.16
Tikkurila has concluded the divestment of its subsidiaries in Ukraine and Belarus. The companies were transferred to OÜ FarbaHouse, a company established by Tikkurila's local management. The new company will continue the distribution of Tikkurila's products in both countries.
The combined revenue of the two companies to be sold was approximately €12 million in 2015, and the number of employees totaled 90.
The total consideration for the sold shares is approximately €6.8 million, consisting of cash consideration and an interest-bearing seven-year vendor loan arrangement. As a consequence, the transaction will not have a substantial impact on Tikkurila Group's 2016 second quarter net result.
With the transaction, Tikkurila aims to streamline and develop its operations in Ukraine and Belarus.
The combined revenue of the two companies to be sold was approximately €12 million in 2015, and the number of employees totaled 90.
The total consideration for the sold shares is approximately €6.8 million, consisting of cash consideration and an interest-bearing seven-year vendor loan arrangement. As a consequence, the transaction will not have a substantial impact on Tikkurila Group's 2016 second quarter net result.
With the transaction, Tikkurila aims to streamline and develop its operations in Ukraine and Belarus.
