VANTAA, Finland - Tikkurila, which is responsible for Kemira's paint and coatings business, is strengthening its position in Eastern Europe by acquiring the sales company Finncolor Slovakia s.r.o., operating in Martin, Slovakia. Tikkurila will purchase 100 percent of the company's shares from its management. The ownership will be transferred to Tikkurila on Dec. 31, 2008, and the company name will be changed into Tikkurila Slovakia s.r.o. The parties have agreed on not disclosing any financials details.
Until now, Finncolor Slovakia has acted as Tikkurila's importer for decorative paints and industrial coatings in Slovakia. Tikkurila has been exporting its products to the country since the mid-1990s. In 2007, Finncolor's operations in the Slovakian paint market had a revenue totaling approximately EUR 3 million.
This acquisition is aimed at strengthening Tikkurila's position in a strategic core area in Eastern Europe. Tikkurila Slovakia s.r.o. will have its own sales and marketing organization, warehouse in Martin and shops in Bratislava, Martin and Presov.