Finland's Kemira sells remaining shares in paint firm Tikkurila

Source: ICIS News

2011/03/31

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.

In March 2010, Kemira handed out 86% of Tikkurila's shares as a dividend to its shareholders and listed the company on the NASDAQ OMX Helsinki stock exchange.

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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