Tikkurila will receive an insurance compensation of EUR 6 million in total
Tikkurila Oyj
Stock Exchange Release
December 21, 2018 at 9:00 a.m. (CET+1)
Tikkurila will receive an insurance compensation of EUR 6 million in total
Tikkurila has completed negotiations with insurance companies regarding the fire at the Venator’s titanium dioxide plant in Pori, Finland. Venator’s plant in Pori was an important raw material supplier for Tikkurila, and thus the fire caused significant damage and costs for the company.
As the result of the negotiations, an insurance compensation of EUR 6 million was granted for Tikkurila.
Of the total compensation, EUR 0.5 million has been booked in the other operating income in the second quarter and EUR 0.75 million in the third quarter of 2018. The remaining EUR 4.75 million will be booked in the last quarter of 2018. The compensation will be included in the adjusted operating profit for 2018.
Tikkurila reiterates the guidance for 2018. The company expects its revenue to remain at last year’s level and adjusted operating profit to improve.
Tikkurila Oyj
Elisa Markula, CEO
For further information, please contact:
Elisa Markula, Chief Executive Officer, mobile +358 50 596 0978, elisa.markula@tikkurila.com
Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in around ten countries and our 3,000 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2017, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.