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| Tikkurila will strengthen its position in the Russian paint market Tikkurila, the company responsible for the paints and coatings business of the Finland-based chemicals company Kemira, follows its strategy of strengthening its market position in Eastern Europe by acquiring the paint company OOO KRASKI TEKS in Russia. 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 is one of the strongest local players in the decorative paints market with an estimated total volume of some 500 million litres. 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. Tikkurila has been an active player in Russia and the former Soviet Union since the mid-seventies. In 1995, paint production was started in St Petersburg and in Moscow in 2000, the same year when also a sales company and a central warehouse were established in Novosibirsk, centre of Siberia. Tikkurila is today the best-known western paint brand in Russia. The range covers all the products made in Finland (Tikkurila) and a smaller range of locally produced paints (Finncolor). write your comments about the article :: © 2005 Construction News :: home page |