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US PPG completes acquisition of Finnish Tikkurila

June 11/2021

MOSCOW (MRC) -- PPG, US coatings major, has completed its acquisition of all of the shares in Finnish Tikkurila, a leading Nordic paint and coatings Company,  as per PPG's press release on Thursday.

Tikkurila shareholders received EUR34.00 in cash for each of the 38,711,646 million shares of Tikkurila tendered. Together with the shares it previously acquired, PPG now controls 97.1% of Tikkurilas issued and outstanding shares. The remaining 2.9% will be acquired through a squeeze out process, which will be initiated promptly.

We look forward to welcoming Tikkurila employees and leveraging the companys complementary geographic footprint and strong portfolio of decorative brands to drive future growth, said Michael McGarry, PPG chairman and chief executive officer. Our teams will work as One PPG to provide customers with expanded paint and coatings options that will now include Tikkurilas environmentally friendly decorative products and high-quality industrial coatings.

The combination of Tikkurila with PPG will give customers access to a broader portfolio of new technologies and resources. Together, we look forward to an even more colourful tomorrow, and working with the PPG team to leverage their scale and industry expertise to accelerate our development, said Elisa Markula, CEO of Tikkurila.

As MRC reported earlier, PPG Industries received approval from the Federal Antimonopoly Service (FAS) of Russia on May 21, 2021, and thus, it received all necessary regulatory approvals to complete the tender offer to acquire Tikkurila. The company  had announced that the tender offer will expire on June 4, 2021. PPG expected to complete the tender offer and close the transaction on or about June 10, 2021.

Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. The company is a leading producer and distributor of decorative paint and coatings with operations in 11 countries and more than 80% of its revenue coming from Finland, Sweden, Russia, Poland, and the Baltic states. Its brands include Tikkurila, ALCRO, Teks, Vivacolor, and Beckers. Tikkurila uses the Beckers brand only in its decorative paints in Scandinavian countries as well as in some parts of Eastern Europe under a license from Aktiebolaget Wilh. Becker, obtained in conjunction with its acquisition of Alcro-Beckers Ab in 2001. Tikkurilas industrial paint business produces paints and coatings for the wood and metal industries, among others. The company employs approximately 2,400 people globally and reported sales of approximately EUR582 million in 2020.

PPG has developed and delivered the paints, coatings and materials for more than 135 years. With headquarters in Pittsburgh, the company operates in more than 70 countries and reported net sales of USD13.8 billion in 2020. The company serves customers in construction, consumer products, industrial and transportation markets and aftermarkets.
Author:Margaret Volkova
Tags:coatings, adhesives, paints and coatings, PPG, Tikkurila, USA, Finland.
Category:General News
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