Tikkurila Acquires Remaining Shares of Industrial Coatings Companies in Russia
May 19, 2009
VANTAA, Finland - Tikkurila, which is responsible for Kemira's paints and coatings business, has acquired the remaining 30 percent of the shares in two St. Petersburg, Russia-based paint companies from their founders and previous management. OOO Gamma Industrial Coatings is a producer of metal industry coatings and OOO Tikkurila Powder Coatings is a producer of powder coatings. After the transaction, Tikkurila owns 100 percent of both companies.
In the spring of 2007, Tikkurila acquired a 70 percent stake in the industrial coatings companies OOO Gamma Industrial Coatings and OOO Tikkurila Powder Coatings. Theses companies produce and market industrial coatings under the brand names Gamma and Ohtek. They have combined revenue totaling approximately EUR 10.7 million and a staff of 155.
Tikkurila currently has five paint factories in Russia. Products from these factories are sold under the brands of Teks, Finncolor, Gamma and Ohtek. Tikkurila Oy has also been exporting paints and coatings to Russia for decades under the brand names of Tikkurila and Tikkurila Coatings. A sales company for Tikkurila’s industrial coatings started operating in St. Petersburg in 1998.