Tikkurila to sell its powder coatings business

Tikkurila Oyj’s Swedish subsidiary Dickursby Holding AB is to sell all the shares in OOO Tikkurila Powder Coatings, a Russian industrial coatings company, to Teknos Group Oy. With a production plant in St. Petersburg, the powder coatings site sells and markets its products in Russia. Tikkurila, headquartered in Finland, is to divest its industrial powder coatings business, because it is not a part of the company’s core business. After the transaction, the Finnish paint producer has no powder coatings related operations. The transaction is subject to approval of the competition authorities.