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PPG appoints Markus Melkko as interim CEO of Tikkurila

June 15/2021

MOSCOW (MRC) -- PPG has announced that Markus Melkko has been named interim chief executive officer (CEO) of Tikkurila Oyj, effective immediately, in addition to his current responsibilities as its chief financial officer (CFO), as per the company's press release.

Following the closing of PPGs acquisition of Tikkurila on June 10, 2021, Elisa Markula notified the Tikkurila board of directors of her decision to resign as president and CEO of Tikkurila to take a CEO role at another company in another industry sector. Elisas resignation will be effective on a date to be announced and she will remain with Tikkurila until then to ensure a smooth transition.

Melkko joined Tikkurila in 2019 and has served as CFO and a member of the management team.

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, petrochemistry, adhesives, paints and coatings, PPG, Tikkurila, USA, Finland.
Category:General News
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