PPG recently completed its purchase of all shares of Tikkurila, a more than 150-year-old Finnish producer and distributor of decorative paint and coatings.
A total of 38.7 million shares were tendered at $41.13 each. This brings the total shares PPG controls to 97.1 percent. The remaining shares will be acquired through a squeeze out process.
“We look forward to welcoming Tikkurila employees and leveraging the company’s complementary geographic footprint and strong portfolio of decorative brands to drive future growth,” Michael McGarry, PPG chairman and CEO, said. “Our teams will work as One PPG to provide customers with expanded paint and coatings options that will now include Tikkurila’s environmentally friendly decorative products and high-quality industrial coatings.”
“The combination of Tikkurila with PPG will give customers access to a broader portfolio of new technologies and resources,” Elisa Markula, Tikkurila CEO, said. “Together, we look forward to an even more colourful tomorrow and working with the PPG team to leverage their scale and industry expertise to accelerate our development,”
Tikkurila employs approximately 2,400 people worldwide and had sales totaling $704 million in 2020. It operates in 11 countries with more than 80 percent of revenue from customers in Finland, Sweden, the Baltic states, Poland, and Russia.