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| Tikkurila sells two Swedish retail stores Finnish paintmaker Tikkurila has agreed to sell all the shares in Färgglädje Måleributiken i Alvik AB as well as the assets of Alcro-Beckers AB's retail store in Uppsala, Sweden to Niklas Frisk, currently the head of Tikkurila's SBU Scandinavia, and to other private persons. The rationale of the transactions is to develop the retail distribution network in Sweden in accordance with the revised strategy announced on October 27, 2011. In 2010, the revenue of the businesses to be divested totaled approximately EUR 6.5 million and the number of employees was 40. The estimated date of closing is on December 31, 2011, and the total purchasing price is SEK 25.0 million (about EUR 2.7 million). The transactions will not have a significant impact on Tikkurila's fourth quarter results. In conjunction with this, it has been agreed that Niklas Frisk will resign from Tikkurila Group effective as of December 31, 2011. In addition to heading Tikkurila's SBU Scandinavia, he is also a member of Tikkurila's Management Board, and serves as the Managing Director of Alcro-Beckers AB, Tikkurila's Swedish subsidiary. write your comments about the article :: © 2011 Construction News :: home page |