Teknos to grow in Norwegian Retail Market by Acquiring Drywood Norge AS

Teknos has made an asset deal to acquire the business of Drywood Norge AS, a company operating in architectural coatings business in Norwegian market. All operations will be integrated to Teknos Norway business in Spikkestad. The closing of the acquisition is expected to take place 1 April 2019. 

The acquisition of Drywood Norge AS is supporting Teknos’ growth strategy. The acquisition allows Teknos to enter a new business area and it will further strengthen Teknos’ position in the architectural coatings market.  

Teknos is one of the leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos has operations in more than 20 countries in Europe, Asia, and the USA. The company was established in 1948 and is one of Finland’s largest family-owned businesses.  

Dutch Drywood paint products have been in the Norwegian market for over 40 years, but after Drywood Norge AS was established in 2011 the sales speeded up. The products, especially Drywood house and roof paints, have qualities suitable for the Norwegian climate. The company has developed positively to this day, today's turnover being just below NOK 30 million. Today the paints are distributed via an increasing number of dealers and professional painters. Drywood Norge AS was nominated as the “Supplier of the Year Jernia Chain” in 2015.  

“Teknos’ strategy aims to ensure fast and profitable growth and improved customer experience.  Through the Drywood Norge AS acquisition we are able to enter the architectural coatings market in Norway where we are now able to serve our current and new customers with an extended product assortment and direct deliveries,” says Paula Salastie, CEO, Teknos Group Oy. 

“We have had success in introducing the Drywood products to the Norwegian market and been able to establish long term customer relationships. Now that Teknos takes over the business, we are sure that the business will continue to develop positively, says Frank Mathisen, Managing Director of Drywood Norge AS. 

More information: 

 

Espen Lund 
Sales Director 
Teknos Norway 
Tel. +47 312 94900 
espen.lund@teknos.com 

Marcel Dissel 
Chief Commercial Officer 
Teknos Group Oy 
marcel.dissel@teknos.com 
tel. +41 792 815 161 

Minna Koistinen 
Chief Marketing and Communications Officer 
Teknos Group Oy 
minna.koistinen@teknos.com 
tel. +358 50 429 4180 

Teknos is a global coatings company with operations in more than 20 countries in Europe, Asia, and the USA. It employs approximately 1,800 people and makes annual net sales of approximately EUR 384 million. Teknos is one of the leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos wants to make the world last longer by providing smart, technically advanced paint and coating solutions to protect and prolong. Teknos always works in close cooperation with its customers. It was established in 1948, and is one of Finland’s largest family-owned businesses. For further information, visit www.teknos.com

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Teknos is a global coatings company with operations in more than 20 countries in Europe, Asia, and the USA. It employs approximately 1,700 people and the net sales in 2018 was EUR 408 million. Teknos is one of the leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos wants to make the world last longer by providing smart, technically advanced paint and coating solutions to protect and prolong. Teknos always works in close cooperation with its customers. It was established in 1948, and is one of Finland’s largest family-owned businesses. For further information, visit www.teknos.com

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Quotes

Teknos’ strategy aims to ensure fast and profitable growth and improved customer experience. Through the Drywood Norge AS acquisition we are able to enter the architectural coatings market in Norway where we are now able to serve our current and new customers with an extended product assortment and direct deliveries.
Paula Salastie, CEO, Teknos Group Oy
We have had success in introducing the Drywood products to the Norwegian market and been able to establish long term customer relationships. Now that Teknos takes over the business, we are sure that the business will continue to develop positively.
Frank Mathisen, Managing Director of Drywood Norge AS