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Business news, 21.12.2006 21:14

Kemira buys 70 pct stake in 2 St Petersburg paint firms

Kemira Kemira said it has agreed to buy a 70 pct stake in two paint producers in St Petersburg to bolster its position in Russia's market for metal industry coatings.

The purchase price was not disclosed.

Kemira is buying holdings in Gamma and Ohtinski zavod poroshkovyh krasok, which together generate annual net sales of about 11 mln eur and employ 160 people.

The companies' current management will retain minority stakes.

The transactions are expected to close before the end of January.

News source: www.forbes.com

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