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Home  > Markets & companies  > Coatings market  > Tikkurila concludes sale of subsidiaries i...

Tuesday, 17 September 2019
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Markets & companies, Coatings market

Tikkurila concludes sale of subsidiaries in Ukraine and Belarus

Friday, 24 June 2016

Based on the decision to change its business model announced in May 2016, Tikkurila has concluded the divestment of its subsidiaries in Ukraine and Belarus.

Tikkurila's headquarters in Vantaa, Finland. Source: Tikkurila

Tikkurila's headquarters in Vantaa, Finland. Source: Tikkurila

The companies were transferred to OÜ FarbaHouse, a company established by Tikkurila's local management. The new company will continue the distribution of Tikkurila's products in both countries.

Combined revenue of EUR12 million

The combined revenue of the two companies to be sold was approximately EUR 12 million in 2015, and the number of employees totaled 90. The total consideration for the sold shares is approximately EUR 6.8 million, consisting of cash consideration and an interest-bearing seven-year vendor loan arrangement. As a consequence, the transaction will not have a substantial impact on Tikkurila Group's 2016 second quarter net result. With the transaction, Tikkurila aims to streamline and develop its operations in Ukraine and Belarus.

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