Tikkurila to Acquire Majority Stake in Ukraine's Kolorit
VANTAA, Finland - Tikkurila Oy, the paint and coatings business of Finland-based Kemira Oyj, announced plans to acquire a 51% stake in Kolorit Paints, based in Kiev, Ukraine. Completion of the transaction was anticipated in September.
Kolorit manufactures waterborne varnishes and paint, and has annual sales of approximately $2 million (U.S.).
Ilpo Jousimaa, Tikkurila vice president, Region Deco Central and Western Europe, said the move reflects the company's plan to strengthen its market position in central and eastern Europe.
The Tikkurila Group is a major coatings producer in northern and eastern Europe, with annual sales of 440 million euros and 2,300 employees. The company operates production facilities in eight countries, and primarily manufactures architectural paints, industrial wood finishes, metal finishes, protective coatings, and coil coatings.
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