PPG completes acquisition of leading Nordic coatings producer Tikkurila

PITTSBURGH, June 11, 2021 -- PPG (NYSE: PPG) today announced that it has completed the acquisition of all underlying shares in Tikkurila (NASDAQ OMX: TIK1V) pursuant to an offer due June 4, 2021
.
Tikkurila shareholders received EUR 34.
00 per share in cash, involving 38,711,646 shares
.
Together with the previously acquired shares, PPG now controls 97.
1% of its issued and outstanding shares in Tikkurila
.
The remaining 2.
9% will be obtained through forced extrusion, which will start immediately
.

"We look forward to and welcome Tikkurila employees to PPG, and we look forward to leveraging the company's highly complementary geographic footprint and strong portfolio of decorative brands to drive our future business growth
.
" Michael PPG Chairman and Chief Executive Officer "Our team will serve as a unified PPG to provide customers with a wider range of paint and coating options, including Tikkurila's eco-friendly decorative paints and high-quality industrial coatings," McGarry said
.
 

Tikkurila was founded in 1862 and is headquartered in Vantaa, Finland
.
The company is a leading producer and distributor of decorative paints and coatings with a presence in 11 countries and generates more than 80% of its business revenue from Finland, Sweden, Russia, Poland and the Baltic states
.
Tikkurila brands include Tikkurila, ALCRO, Teks, Vivacolor and Beckers
.
Tikkurila may only use the Beckers brand for decorative paints in Scandinavian countries and some Eastern European countries under license from Aktiebolaget Wilh
.
The brand was acquired by Tikkurila in 2001 through the acquisition of Alcro-Beckers Ab
.
Tikkurila's Industrial Paints business produces paints and coatings for a wide range of wood, metal and other industries
.
The company employs approximately 2,400 people worldwide and generated sales of approximately EUR 582 million in 2020
.

“We are very proud that this merger will create great value for our employees, customers, investors and all other stakeholders
,” said Jari Paasikivi, Chairman of the Tikkurila Group Board of Directors.
“Through PPG, Tikkurila employees will gain more opportunities, and customers will benefit from PPG's focus on collaboration, innovation and business growth
.
"

Elisa Markula, CEO of Tikkurila, said: "The combination of Tikkurila and PPG will help customers gain access to a wider range of new technologies and resources
.
Together, we will create a more colorful future and work closely with the PPG team to get the most out of their business.
scale and expertise to accelerate our growth
.
”