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Tikkurila has decided to change its business model in the Ukrainian and Belarussian markets and, hence, Tikkurila Oyj has entered into an agreement to sell the entire share capital of its subsidiaries in Ukraine and Belarus to a company established by Tikkurila’s local management. The new company will continue the distribution of Tikkurila’s products in both countries.
The combined revenue of the two companies to be sold was approximately €12M in 2015 and the number of employees totalled 90. It is estimated that the transaction, subject to fulfilment of agreed preconditions, will be closed during Q2, 2016.