STOCKHOLM (ICIS)--Kemira has sold its remaining shares in decorative paints company Tikkurila, by way of an accelerated book-built offering, the Finland-based chemical company said on Thursday.
Kemira has sold the remaining 6,175,155 Tikkurila shares, or 14.0% of the total, for about €97.6m ($137.5m).
The identity of the buyer is not yet known.
“Now the rest of Kemira's Tikkurila shares have been sold and we have taken yet another step in implementing our strategy focusing on water treatment chemistry," said Kemira CFO Jyrki Maki-Kala.
In 2010, Tikkurila had revenues of €588.6m and posted earnings before interest and tax (EBIT) of €59.7m. The company has strong market positions in Scandinavia, eastern Europe and Russia.
($1 = €0.71)
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