Tikkurila will start statutory co-operation negotiations with all of Tikkurila Oyj’s personnel, currently totaling about 600 persons.
Tikkurila Oyj’s Vantaa site produces and sells decorative paints and industrial coatings for both the Finnish market as well as for export to Russia and other countries. About half of Tikkurila Oyj’s revenue relates to exports.
In the negotiations to be started the estimated maximum headcount reduction is 100 persons. The target is to adjust the Finnish personnel to fit current volume level, and to find new, more flexible ways to introduce products and services that fit customers’ needs. Moreover, the aim is to change operational and organizational structures and to ensure company’s cost competitiveness.
“Our sales volumes have already for a long time decreased in both Finland and Russia, and we have tried to adapt to this trend without any significant changes in our headcount. However, as the situation in Russia has become more difficult and as both countries’ economic situation is very weak, we have to adjust our operations and to carry out structural changes also in Finland,” states Erkki Järvinen, President and CEO of Tikkurila Oyj.
Source: Tikkurila Oyj
This is the first acquisition by Iberchem since it was acquired by Croda in November 2020 and it is expected to play an important role in Iberchem’s plan to increase its offering of sustainable and natural certified fragrances.
ICL, a leading global specialty minerals and specialty chemicals company, has entered into a definitive agreement to acquire Compass Minerals América do Sul S.A. for approximately $402 million.
OMV says its European petrochemical net margins in the first quarter of 2021 rose sequentially compared with the fourth quarter, reversing momentum after four previous periods of declining margins.