HELSINKI, Finland - Coatings manufacturer Teknos Group Oy, Helsinki, Finland, has acquired the entire share capital of Estonia-based Kemiflora Kaubandus OÜ from AS Kemiflora. Kemiflora Kaubandus OÜ is an affiliated company of AS Kemiflora, to which AS Kemiflora has transferred its entire coatings business.
The acquisition is subject to approval by Estonia’s competition authorities; approval is expected within 20 days, after which the acquisition can be finalized.
With the acquisition, Kemiflora’s entire coatings business will be transferred to Teknos. Kemiflora has been in Estonia’s coatings industry for many years, and has been a long-time importer of industrial and architectural coatings for Teknos. The annual turnover of the coatings business is more than EUR 5 million.
The acquisition strengthens Teknos’ position in Estonia and provides an opportunity to expand the company’s existing operations in line with Teknos’ growth strategy. Wet paints and powder coatings for the metal industry, industrial wood coatings and architectural coatings represent Teknos’ most significant business segments in Estonia and globally.
In connection with the transfer of business operations to Teknos Group, Marko Kübarsepp will be appointed Managing Director of Kemiflora Kaubandus OÜ. The current personnel, excluding the previous owners of the company, will transfer to Teknos under their existing terms of employment. After the acquisition is finalized, the company will continue to operate as part of Teknos Group in its existing facilities.