PUBLIC COMPANY; YEAR ESTABLISHED: 1892
REVENUE: $695 million
MARKETS SERVED: Decorative coatings
Elisa Markula, CEO; Melisa Bärholm, Senior VP, Human Resources; Jukka Havia, CFO; Fredrik Linde, Senior VP, Operations; Petri Miettinen, Senior VP, Sourcing; Meri Vainikka, Senior VP, Offering.
Tikkurila Oyj is a Finnish manufacturer of paints and lacquers. Tikkurila is the market leader in decorative paints in Russia, Sweden, Finland and the Baltic countries. Russia, Sweden, Finland and Poland account for 80 percent of the group’s revenue.
In line with its cost savings program of at least €30 million, Tikkurila announced it will close down two production sites – one in Germany and one in Russia – by end of 2018.
In 2017, Tikkurila launched an extensive program to boost profitability with the aim of achieving savings of at least €30 million and improving cost competitiveness.
“As part of the program, we announced the divestment of our unprofitable business operations in the Balkan area. We are preparing further actions to optimize our future production and logistics network in all our operating countries. Based on this we have, for instance, decided to close down the production facilities in southwestern Russia and in Germany by the end of 2018. In addition, we have changed our organization model. As a result, decision-making and business development are now handled more at the group level,” Jukka Havia, CFO said.