Kemira: Tikkurila to sell its stake in Russian JV Sto-Tikkurila to Sto AG

28-Apr-2008

Tikkurila Oy, the company that is responsible for Kemira's paints and coatings business, has signed an agreement to sell its 50% stake in OOO Sto-Tikkurila to the other party, Sto AG of Germany. The parties have agreed on not disclosing any financials details.

The joint venture OOO Sto-Tikkurila was established in June 2006 in Moscow, Russia, with the business idea of production and project sales of various coatings systems for facades. Now the Germany-based Sto AG wishes to continue the business on its own, while Tikkurila will continue operating in the Russian facade coatings market under its own brands. The markets for facade systems are developing rapidly due to the strong growth in the construction activity.

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