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17-12-2008: Following its strategy of growth, Tikkurila, which is responsible for Kemira's paints and coatings business, will strengthen its position in Eastern Europe by acquiring the sales company Finncolor Slovakia s.r.o. operating in Martin, Slovakia. Tikkurila will purchase 100% of the company's shares from its management. The ownership will be transferred to Tikkurila on December 31, 2008, and the company name will be changed into Tikkurila Slovakia s.r.o. The parties have agreed on not disclosing any financial 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 totalling 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 organisation, warehouse in Martin and shops in Bratislava, Martin and Presov.
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