Tikkurila to sell its coil coating business to Teknos
Tikkurila, part of the Kemira Group, has signed an agreement for selling its coil coating business to Teknos Group Oy. Net sales of the operations totalled approx. EUR 15 million in 2004. The parties have agreed on not disclosing any financials details.
In the future, the coil coatings business will be transferred to a new company to be established under the name of Teknos Nova Coil Oy (TNC). Key persons related to sales and R&D in Tikkurila's coil coating business will transfer to the Teknos Group as old employees.
As regards coil coating production, no employees will transfer to the new company. The production will be continued at Tikkurila for a certain transition period for securing deliveries to customers. During this time, the tasks of the employees working in coil coating production will be reorganised and they will be offered new jobs at Tikkurila companies.
The main owner of the new company is the paint manufacturer Teknos Group Oy. Mr Ulf Koivula will be a minority shareholder, and he has also been appointed Managing Director of the new company. Mr Koivula was formerly President of Tikkurila Coatings Oy.
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