(Press Release)
Kemira Coatings (Tikkurila), which is responsible for Kemira’s paints and coatings business, has prepared a merger plan according to which Tikkurila Paints Oy and Tikkurila Coatings Oy will merge into their parent company Tikkurila Oy. The planned effective date for the merger is January 1, 2008. Under the merger agreement, all assets and liabilities as well as rights and obligations of the two subsidiaries in question will transfer to Tikkurila Oy as a universal succession.
The planned merger will clarify the legal structure of Tikkurila and simplify the management of the company. Managing working capital and raw materials will be simplified, as well as contacts with the outside world. Transfers of personnel internally between different departments and tasks will become more flexible.
It has been estimated that the legal and administrative costs of the merger will not be significant. The official negotiations related to the transfer of business required by the Finnish Co-operation Act with undertakings, will be arranged towards the end of the year.
Kemira Coatings is the leading supplier of paints in Northern and Eastern Europe, providing consumers and professionals with branded products approximately in 40 countries. The product range consists of decorative paints and coatings for the woodworking and metal industries. In 2006, Kemira Coatings business area had revenue of EUR 563 million and a payroll of 3,500 employees.
For more information, please contact
Tikkurila Oy
Antti Kiuru, General Counsel
Phone +358 9 8577 2375; antti.kiuru@tikkurila.com
Kemira is a chemicals group made up of four business areas: Kemira Pulp&Paper, Kemira Water, Kemira Specialty and Kemira Coatings. Kemira is a global group of leading chemical businesses with a unique competitive position and a high degree of mutual synergy.
In 2006, Kemira recorded revenue of around EUR 2.5 billion and had a payroll of 9,000 employees. Kemira operates in 40 countries.