Tikkurila Coatings Ltd, the paint manufacturer and a subsidiary of the Finland-based Tikkurila Coatings Oy, part of the Kemira Group, has announced the purchase of Mason Coatings's industrial coatings business. The sale will become effective on 2nd January, 2001. The asset sale agreement is worth EUR 3.1 million, and it includes product and raw material inventories.
The business includes the company's high-performance, waste and drum businesses which represent approximately EUR 10 million of sales. Mason Coatings's production facility is not included in the sale although products will continue to be manufactured at Derby under a tolling arrangement until the transfer of production to Tikkurila Coatings's facilities in Bury, Lancashire and West Bromwich, West Midlands.
Peter Leech, Managing Director of Tikkurila Coatings in the U.K., comments: "This is exciting news for the company and demonstrates Tikkurila's commitment to the development of its coatings business in Europe. The acquisition strengthens Tikkurila's position in some important market segments, targeted for strategic growth in the future."
Tikkurila Coatings belongs to the Tikkurila Group. Tikkurila's net sales are estimated at EUR 245 million for the year 2000, excluding the sale of the tinting business. Tikkurila employs a personnel of about 1,550 and has production units in eight and sales units in nine countries.