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2011-10-28 10:00:00 CEST 2011-10-28 10:00:35 CEST REGULATED INFORMATION Tikkurila Oyj - Changes board/management/auditorsTikkurila to sell two Swedish retail stores, change in the Group Management BoardTikkurila Oyj Stock Exchange Release October 28, 2011 at 11.00 a.m. (CET+1) Tikkurila has agreed to sell all the shares in Färgglädje Måleributiken i Alvik AB as well as the assets of Alcro-Beckers AB's retail store in Uppsala, Sweden to Niklas Frisk, currently the head of Tikkurila's SBU Scandinavia, and to other private persons. The rationale of the transactions is to develop the retail distribution network in Sweden in accordance with the revised strategy announced on October 27, 2011. In 2010, the revenue of the businesses to be divested totaled approximately EUR 6.5 million and the number of employees was 40. The estimated date of closing is on December 31, 2011, and the total purchasing price is SEK 25.0 million (about EUR 2.7 million). The transactions will not have a significant impact on Tikkurila's fourth quarter results. In conjunction with this, it has been agreed that Niklas Frisk will resign from Tikkurila Group effective as of December 31, 2011. In addition to heading Tikkurila's SBU Scandinavia, he is also a member of Tikkurila's Management Board, and serves as the Managing Director of Alcro-Beckers AB, Tikkurila's Swedish subsidiary."We have started the recruitment process to find a replacement for Niklas, who has over the last sixteen years strongly contributed to the success of Tikkurila's Scandinavian operations. I am glad that we continue cooperation with Niklas in selling our products and further developing our distribution set-up in Sweden, even though in the future from an entrepreneur's perspective," states Erkki Järvinen, President and CEO of Tikkurila Oyj. Tikkurila Oyj Erkki Järvinen, President and CEO For further information, please contact: Tikkurila Oyj Erkki Järvinen, President and CEO Phone +358 400 455 913,erkki.jarvinen@tikkurila.com Tikkurila provides consumers, professionals and the industry with user-friendly and environmentally sustainable solutions for protection and decoration. Tikkurila is a strong regional player that aims to be the leading paint company in the Nordic area and Eastern Europe including Russia. - Tikkurila inspires you to color your life. www.tikkurilagroup.com [HUG#1559058] |
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