VANTAA, Finland - Tikkurila has completed the acquisition of the business operations of Serbian paint company Zorka Color. Approvals from the competition authorities have been received and other terms and conditions of the transaction have been fulfilled. The asset purchase agreement was signed in April 2011, and the business was transferred to Tikkurila on July 1, 2011.
In addition to Serbia, Zorka Color also operates in Macedonia, Bosnia-Herzegovina, Montenegro, Croatia and Kosovo. According to estimates by Tikkurila's management, Zorka Color is one of the three largest players in Serbia and the largest player in Macedonia in the decorative paints business. Trademarks to be transferred to Tikkurila in the acquisition include Linea, Decolux, Zoralux and Mixline.