Tikkurila Oy and Eastman Chemical Company (NYSE:EMN) have announced that they have started negotiations for the acquisition by Tikkurila of Eastman’s resin plant in Vantaa, Finland.
The polyester and alkyd resin production site operated by Eastman is located on the Tikkurila site in Vantaa and currently employs 25 people. For a number of its key operational functions, this plant currently depends on facilities provided by Tikkurila. The intention of the parties is that all employees will transfer from Eastman to Tikkurila at closing.
This sale is in line with Eastman’s drive to increase focus on its core activities, and the further integration will create synergies for both companies.
“We believe that customer interests are best served by an efficient and consistent product supply, and are convinced that this move will help secure this,” said Hans Boots, Eastman’s business director for the region. In the near term Eastman will work with Tikkurila to continue receiving products from the Vantaa facility for the continued support of Eastman's customers.
“With this arrangement the growing Tikkurila Group wants to ensure a flexible resin supply to all its production units,” said Tom Nurmi, Vice President, Technology, for Tikkurila Oy.
With headquarters in Kingsport, Eastman manufactures and markets chemicals, fibers and plastics. The company has approximately 15,000 employees in 30 countries, and sales of USD 5.3 billion in the year 2000. For more information about Eastman, visit www.eastman.com.
Tikkurila, part of the Finland-based Kemira Group, is the largest manufacturer of paints and coatings in Scandinavia with production in 10 countries. Net sales for Tikkurila in 2001 are estimated at EUR 450 million and the number of employees is 2,600. For more information about Tikkurila, visit www.tikkurila.com.