PPG (NYSE:PPG) today announced that it has completed its acquisition of all of the shares of Tikkurila (NASDAQ OMX: TIK1V) tendered into PPG’s tender offer as of the expiration of the offer on June 4, 2021. Tikkurila shareholders received €34.00 in cash for each of the 38,711,646 million shares of Tikkurila tendered. Together with the shares it previously acquired, PPG now controls 97.1% of Tikkurila’s issued and outstanding shares. The remaining 2.9% will be acquired through a squeeze out process, which will be initiated promptly.
“We look forward to welcoming Tikkurila employees and leveraging the company’s complementary geographic footprint and strong portfolio of decorative brands to drive future growth,” said Michael McGarry, PPG chairman and chief executive officer. “Our teams will work as One PPG to provide customers with expanded paint and coatings options that will now include Tikkurila’s environmentally friendly decorative products and high-quality industrial coatings.”
Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. The company is a leading 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. Its brands include Tikkurila, ALCRO, Teks, Vivacolor, and Beckers. Tikkurila uses the Beckers brand only in its decorative paints in Scandinavian countries as well as in some parts of Eastern Europe under a license from Aktiebolaget Wilh. Becker, obtained in conjunction with its acquisition of Alcro-Beckers Ab in 2001. Tikkurila’s industrial paint business produces paints and coatings for the wood and metal industries, among others. The company employs approximately 2,400 people globally and reported sales of approximately €582 million in 2020.
“We are proud of the value we have created through this combination for employees, customers, investors and all other stakeholders,” said Jari Paasikivi, chairman of the board, Tikkurila Oyj. “With PPG, Tikkurila employees will have access to additional growth opportunities, while customers will benefit from PPG’s focus on partnership, innovation and growth.”
“The combination of Tikkurila with PPG will give customers access to a broader portfolio of new technologies and resources. Together, we look forward to an even more colourful tomorrow, and working with the PPG team to leverage their scale and industry expertise to accelerate our development,” said Elisa Markula, CEO of Tikkurila.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The forward-looking statements contained herein include statements relating to the expected benefits of the Tikkurila acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the risks and uncertainties discussed in PPG’s periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission.
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