March 26, 2021 | Bill Esler
Pittsburgh, PA – PPG, which is trying to acquire Finland coatings firm Tikkurila, extended its tender offer period for all issued and outstanding shares of Tikkurila Oyj (NASDAQ OMX:TIK1V) to April 14, 2021. The tender offer commenced on January 15, 2021, and was initially scheduled to expire March 15, 2021, then extended to March 30.
The European Commission granted unconditional approval of the deal March 10, 2021; Finland’s authorities approved it March 25. PPG says it expects to receive other regulatory approvals and expects to close the acquisition shortly thereafter.
Separately, PPG promoted John Stephenson, current business controller, industrial coatings, to director, acquisition integration. In this new global role, Stephenson reports to Michael McGarry, PPG chairman and CEO.
Stephenson’s new role makes him responsible for the overall integration of PPG acquisitions. He will work to prioritize and achieve project goals, plans and key actions; assure integration plans meet PPG’s standards for operational excellence; and deliver strategic synergies. He will also serve as the integration leader for the pending Tikkurila acquisition.
Stephenson has played leadership roles in a number of key PPG acquisitions, and since joining PPG in 1985, has held finance leadership positions in all PPG industrial segment businesses, and PPG’s global architectural coatings business. He is a graduate of the University of Wisconsin and earned a master of business administration (MBA) degree from the University of Pittsburgh.
PPG (NYSE:PPG) has been developing and delivering paints, coatings, and materials for more than 135 years. With headquarters in Pittsburgh, it operates in more than 70 countries, reporting net sales of $13.8 billion in 2020. It serves customers in construction, consumer products, industrial and transportation markets and aftermarkets. www.ppg.com.
Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. Operating in 11 countries it employs 2,700 producing and distributing decorative paint and coatings. More than 80% of its 2020 revenue of €582 million came from Finland, Sweden, Russia, Poland, and the Baltic states. Its premium brands include Tikkurila, Alcro, and Beckers. Tikkurila’s industrial paint business represents about 16% of revenues, and supplies the wood and protective coatings end-use segments.
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