VANTAA, Finland - Tikkurila has completed the sale of its powder coatings business. All shares in OOO Tikkurila Powder Coatings, a Russian industrial coatings company, were transferred to Teknos Group Oy on January 26, 2011. The sales and purchase agreement was signed in December 2010, and an approval for the transaction has been received from the competition authorities.
The revenue of the divested company was EUR 2.4 million in 2010, and it employs some 50 people. The transaction will not have a significant impact on the financial result or balance sheet of the Tikkurila Group.