MOSCOW - Tikkurila Oy, which is responsible for Kemira's paints and coatings business, and the Germany-based Sto AG have agreed on establishing a joint venture called Sto-Tikkurila in Moscow. Operations will start as soon as the company has been registered and the necessary approvals have been obtained. Both companies will have a 50% share of the new company.

The business idea of Sto-Tikkurila will be the manufacture and project sales of various coatings systems for facades in Russia. The products will be based on Sto's technology and sold under the Sto brand. Marketing will use Tikkurila's existing infrastructure and local knowledge in Russia. The markets for facade systems are developing rapidly due to the strong growth in the construction activity in general.