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 BackDue 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.
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.