Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back

Tikkurila Oyj is a Finnish manufacturer of paints and varnishes. The headquarters are located in Tikkurila, Vantaa, near Helsinki. Tikkurila was founded in 1862 as an oil mill. Tikkurila was acquired by the American company PPG Industries on June 10, 2021, in a deal worth approximately 1.5 billion euros.

Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back
Revenue(RF), mln.USD
122
Assets(RF), mln.USD
109
Capital(RF), mln.USD
60
Staff(RF), 2021
1370
Glob.Revenue, mln.USD
18246

Due to the inability to sustainably operate at even the bare minimum, PPG Industries has made the decision to activate options to exit Russia, including a possible sale or controlled exit from the Russian market. Finnish paint maker Tikkurila's products manufactured at plants in Russia will be sold under a new brand, Tikkivala, from the first quarter of 2025.

The Company Statement
September 24, 2024

Reduce Russian operations; stop sales to aerospace. Due to the inability to sustainably operate at even the bare minimum, PPG Industries has made the decision to activate options to exit Russia, including a possible sale or controlled exit from the Russian market. A new deal with assets of a foreign company may be in the works on the Russian paint and varnish materials (PVM) market. Top managers of Tikkurila's Russian office have created a structure with the participation of a representative of an investment bank and may be planning to buy out a business controlled by PPG Industries from the USA.

September 09, 2024Top managers of Tikkurila's Russian division may be planning to purchase the company's local assets
June 16, 2023Paints and Varnishes Exports into Russia
June 23, 2022PPG and Tikkurila activate options to exit Russia
June 22, 2022Tikkurila leaves Russia
April 29, 2022The governor of the Lipetsk region promised to support the PPG plant
March 24, 2022PPG Industries and Tikkurila scale down their operations in Russia
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Company statements and statistical data are collected from open sources and official registers according to the methodology of the KSE Institute.
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