Teknos Group Oy has acquired the entire share capital of the Russian company OOO Trading Company Massco. The sales contract was signed on 31 August 2015, with OOO Trading Company Massco becoming wholly owned by Teknos on the same date.
OOO Trading Company Massco is a Russian industrial coating company which has sold coatings for metal industry under the trademark of Massco. The company has manufactured part of its production under subcontracting arrangements based on company’s know-how and trademarks. As a result of the acquisition, the production of Massco’s products will be transferred to Teknos’ new factory in St. Petersburg.
“We strongly believe that the growth trend in the Russian market will continue. While Teknos already has a strong position in industrial coating in the Russian market, this acquisition will further strengthen our position in local markets. Massco’s products supplement Teknos’ product range and expand our customer base in Russia,” comments Pekka Rantamäki, Senior Vice President, Teknos Group Oy.
OOO Trading Company Massco’s personnel will transfer to Teknos Group Oy on their existing terms of employment. OOO Trading Company Massco has been in operation for several years by now, and has been growing its market share in Russia. In 2015, the company’s turnover will exceed 500 million roubles. The parties have agreed that the value of the contract will remain undisclosed.
For further information, please contact:
Senior Vice President
Teknos Group Oy
tel. +358 400 482 517
Chief Executive Officer