Tikkurila concluded the sale of its subsidiaries in Ukraine and Belarus
Tikkurila Oyj
Stock Exchange Release
June 22, 2016 at 9:45 a.m. (CET+1)
Tikkurila concluded the sale of its subsidiaries in Ukraine and Belarus
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 on June 21, 2016. 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.
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.
Tikkurila Oyj
Erkki Järvinen, President and CEO
For further information, please contact:
Erkki Järvinen, President and CEO
Mobile +358 400 455 913, erkki.jarvinen@tikkurila.com
Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. With our roots in Finland, we now operate in 16 countries. Our high-quality products and extensive services ensure the best possible user experience in the market. Sustainable beauty since 1862.