Paints, coatings and specialty materials supplier PPG (NYSE: PPG), Pittsburgh, Pennsylvania, on Friday announced that it has agreed to acquire Tikkurila, a Vantaa, Finland-based manufacturer and distributor of paints and coatings, for €$1.1 billion (US$1.3 billion).
Established in 1862, Tikkurila is a producer and distributor of decorative paint and coatings with operations in 11 countries and more than 80% of its revenue coming from Finland, Sweden, Russia, Poland and the Baltic states. The company employs approximately 2,700 people globally and reported sales of €564 million (US$690 million) in 2019.
“The combination of PPG and Tikkurila is extremely complementary, both geographically and from a decorative brand perspective,” said Michael McGarry, PPG chairman and CEO. “We have long admired Tikkurila’s rich history of establishing very strong decorative brands and product offerings in several northern and eastern European countries where PPG has minimal decorative presence.”
PJT Partners LP served as PPG’s financial adviser for the transaction, and Wachtell, Lipton, Rosen & Katz and DLA Piper Finland Attorneys Ltd served as PPG’s legal advisers.
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