Tikkurila concluded the sale of its subsidiaries in Hungary, Czech Republic, Slovakia and Romania
Tikkurila Oyj
Stock Exchange Release
March 1, 2012 at 9:00 a.m. (CET+1)
Based on the letter of intent announced in November 2011, Tikkurila has
concluded the divestment of its three sales subsidiaries in Hungary, Czech
Republic and Slovakia. The companies were transferred to Dejmark Group, a
company established by Tikkurila's local management, on February 29, 2012.
Moreover, Tikkurila has also agreed on selling all the shares in its Romanian
subsidiary to the same buyer. Dejmark Group continues the retail of Tikkurila's
products in all of the four countries.
The combined revenue of the four divested subsidiaries was approximately EUR
12.8 million in 2011, and the number of employees at the end of December 2011
totaled 65.
The aggregate cash consideration for the sold shares is EUR 0.6 million.
Furthermore, an interest-bearing five-year vendor loan arrangement totaling EUR
3.7 million has been agreed upon. As a consequence of the transactions, a non-
recurring sales loss of approximately one million euro will be realized in
Tikkurila Group's 2012 first quarter results.
These divestments are related to the group-wide efficiency program, where
numerous restructuring activities have been announced, aiming at enhancing the
competitiveness of Tikkurila.
Tikkurila Oyj
Erkki Järvinen
For further information, please contact:
Tikkurila Oyj
Erkki Järvinen, President and CEO
Mobile +358 400 455 913,erkki.jarvinen@tikkurila.com
For 150 years already, Tikkurila has provided consumers and professionals with
user-friendly and sustainable solutions for surface protection and decoration.
Tikkurila wants to be the leading paint company in the Nordic area as well as in
Russia and other selected Eastern European countries. - Tikkurila inspires you
to color your life.
www.tikkurilagroup.com