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Sep 03, 2009 15:02 EEST
BUCHAREST (Romania), September 3 (SeeNews) – Finland-based paints and coatings producer Tikkurila has acquired full control of its trading unit Tikkurila JUB Romania by buying out the 50% stake in the company it did not own in a bid to strengthen its position on the Southeast European market.
The Finnish parent bought the 50% stake in Tikkurila JUB Romania held by Slovenian company JUB and the parties agreed to disclose no financial details of the deal, Tikkurila said in a statement.
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Tikkurila JUB Romania will change its name to Tikkurila SRL. It has an office and a warehouse in the capital Bucharest and employs around 10 people.
Tikkurila JUB Romania was set up in May 2008 for marketing, selling and distributing Tikkurila's and JUB's decorative paints in Romania. After the change in ownership structure, the service concept of Tikkurila SRL will also include Tikkurila's industrial coatings.
Tikkurila has been active in Romania since 1998 through its Hungarian subsidiary Tikkurila Kft. Its first customers were users of industrial coatings, and its distributor network was used later to support the decorative paints activities.
Tikkurila is a leading paints and coatings company in Finland, Sweden and Russia. In 2008, the company had a revenue of 648 million euro ($927 million) and a staff of 4,000. It is part of international chemical industry group Kemira (www.kemira.com).
($ = 0.6992 euro)
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