PPG to Acquire Finland’s Paint Producer Tikkurila for $1.35 billion

PPG Industries has entered into a definitive agreement to acquire Finland’s Tikkurila at €25 a share or for about €1.1 billion ($1.35 billion) in cash.

The acquisition cost includes assumption of debt and cash, PPG said in a statement on Friday.

The transaction is expected to close in the second quarter of 2021.

“The combination of PPG and Tikkurila is extremely complementary, both geographically and from a decorative brand perspective,” PPG chairman and CEO Michael McGarry said in the statement.

Tikkurila is a Vantaa-based paints and coatings producer with operations in 11 countries, with more than 80% of revenues being generated from Finland, Sweden, Russia, Poland and the Baltic states.

The Finnish company employs about 2,700 people globally, and generated sales of about €564 million ($687.6 million) in 2019.

PPG is headquartered in Pittsburgh and operates in more than 70 countries. PPG reported net sales of $15.1 billion in 2019.