(Press Release)
The subsidiaries Tikkurila Paints Oy and Tikkurila Coatings Oy have merged into their parent company Tikkurila Oy which is responsible for Kemira’s paints and coatings business (Kemira Coatings) on January 1, 2008. Under the merger, all assets and liabilities as well as rights and obligations of the two subsidiaries were transferred to Tikkurila Oy as a universal succession.
The merger will clarify Tikkurila’s legal structure and operations in Finland. Managing working capital and raw materials will be simplified, as well as contacts with the outside world.
The official negotiations related to the merger required by the Finnish Act on Co-operation within Undertakings were arranged in December 2007. The Employer reported in the negotiations that the merger will not bring any significant legal, financial or social consequences to Employees. The organisation structure will be reviewed in the spring of 2008, when it will be easier to estimate the impact of the merger on the content of the various tasks.
Mr. Visa Pekkarinen will continue as President for Kemira Coatings business area. He will also continue as President for Tikkurila Deco, the unit responsible for the decorative paints business. Mr. Jarmo Mäenpää has been appointed Managing Director of Tikkurila Oy as from 1 January, 2008, and he will continue as President for Deco Finland. Mr. Ilpo Jousimaa will continue as President for the business unit Industrial Coatings. Both Mr. Mäenpää and Mr. Jousimaa will continue reporting to Mr. Pekkarinen.
Kemira Coatings is the leading supplier of paints in Northern and Eastern Europe, providing consumers and professionals with branded products approximately in 40 countries. The product range consists of decorative paints and coatings for the woodworking and metal industries. In 2006, Kemira Coatings business area had revenue of EUR 563 million and a payroll of 3,500 employees.
For further information, please contact:
Tikkurila Oy
Antti Kiuru, General Counsel
Phone +358 9 8577 2375, antti.kiuru@tikkurila.com
Arja Schadewitz, Communications Manager
Phone +358 9 8577 2475, arja.schadewitz@tikkurila.com
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Kemira is a chemicals group made up of four business areas: Kemira Pulp&Paper, Kemira Water, Kemira Specialty and Kemira Coatings. Kemira is a global group of leading chemical businesses with a unique competitive position and a high degree of mutual synergy.
In 2006, Kemira recorded revenue of around EUR 2.5 billion and had a payroll of 9,000 employees. Kemira operates in 40 countries.