Nordic Business Report-December 12, 2006-Kemira Oyj to acquire to Russian paint companies (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com Finnish chemicals group Kemira Oyj said on Tuesday (12 December) that its paints and coatings business Tikkurila Oy has agreed to acquire a 70% share of two St Petersburg-based paint companies by the name of "OOO Gamma" and "OOO Ohtinski zavod poroshkovyh krasok". Gamma is one of the most significant producers of metal industry coatings in Russia with net sales of some EUR8m and a staff of 110. Ohtinski zavod poroshkovyh krasok manufactures and markets powder coatings under its own OHTEK brand. The company has net sales of some EUR3m and it employs 50 people. The acquired companies will continue their operations as new companies under the names of "Gamma Industrial Coatings" and "Tikkurila Powder Coatings". The acquisition will considerably increase Tikkurilas sales and market position in the Russian market for metal industry coatings. The acquisition price was not disclosed. Kemira Oyj, headquartered in Helsinki, Finland, is a chemicals group that is made up of four business areas: pulp and paper chemicals, water treatment chemicals, performance chemicals and paints. In 2005 Kemira recorded revenue of around EUR2.0bn and it has 8,000 employees. Kemira operates in 40 countries. The company is listed on the Nordic Exchange in Helsinki. One British pound (GBP) is worth approximately 1.49 euros (EUR). ((Comments on this story may be sent to [email protected]))