Tikkurila to change its business model in Ukraine and Belarus
Tikkurila Oyj
Stock Exchange Release
May 2, 2016 at 9:00 a.m. (CET+1)
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 EUR 12 million in 2015, and the number of employees totaled 90. It is estimated that the transaction, subject to fulfilment of agreed preconditions, will be closed during the second quarter of 2016.
In conjunction with the closing of the transaction, Mr. Mauno Nurm, Managing Director of both companies subject to the transaction, and Mr. Igor Zhenevsky, Sales Director, Ukraine, will continue as entrepreneurs and resign from their positions in Tikkurila.
"Based on the good experience from a similar type of change in our business model in the Czech Republic, Hungary, Romania and Slovakia in 2012, we have decided to develop and streamline our operations in Ukraine and Belarus with an entrepreneurial distributor driven model," says Erkki Järvinen, President and CEO of Tikkurila.
Tikkurila Oyj
Erkki Järvinen, President and CEO
For further information, please contact:
Erkki Järvinen, President and CEO
Mobile +358 400 455 913, erkki.jarvinen@tikkurila.com
Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. With our roots in Finland, we now operate in 16 countries. Our high-quality products and extensive services ensure the best possible user experience in the market. Sustainable beauty since 1862.
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Source: Tikkurila Oyj via GlobeNewswire
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