Kemira: Tikkurila to become the leading paint company in Russia
Through this acquisition Tikkurila, the company responsible for the paints and coatings business of the Finland-based chemicals company Kemira, will become the leading paints company in Russia. The net sales of the company totalled USD 70 million in 2004. The company employs 800 persons on a permanent basis. The agreement is subject to final approval by the relevant authorities and other conditions set out for finalising the transaction. The debt-free purchase price has been set on USD 40 million.
KRASKI TEKS has a 10% share of the Russian decorative paints market while Tikkurila currently has some 9%. TEKS has experienced strong growth during the past few years and it is one of the strongest local players in the decorative paints market with an estimated total volume of some 500 million litres.
TEKS was established in 1994. The company has paint production in St Petersburg and Stary Oskol in Western Russia, and a central warehouse in Chelyabinsk making KRASKI TEKS one of the largest paint companies in Russia today. The extensive range consists of both water-borne and solvent-borne paints, wood stains and putties.
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