Finns buy Estonian company Kemiflora’s paints and coatings business29.01.2013, 11:54
Finnish company Teknos Group has acquired the entire share capital of Kemiflora Kaubandus from Kemiflora, announced the company.
The acquisition is subject to approval by Estonia’s competition authorities. Teknos Group applied for the approval immediately after the signature of the business purchase agreement.
Approval by the authorities is expected to be granted within 20 days, after which the acquisition can be finalised.
With the acquisition, Kemiflora’s entire paints and coatings business will be transferred to Teknos. AS Kemiflora will continue its operations in the real estate leasing business.
Kemiflora has been involved in Estonia’s paints and coatings industry for many years, and has been a long-time importer of industrial and architectural coatings for Teknos. The annual turnover of Kemiflora’s paints and coatings business is more than EUR 5 million.
Teknos is one of Europe’s leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos has production in seven countries: Finland, Sweden, Denmark, Germany, Poland, Russia and China. In addition, Teknos has sales companies in 16 countries and exports to over 20 countries via a well-established network of dealers.
Teknos employs around 1000 staff, with over 150 working in research and development. Group turnover is about EUR 250 million. Teknos was established in 1948 and is one of Finland´s largest family-owned businesses.