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Kemira to Spin Off Coatings Unit

6:55 AM MDT | June 18, 2008 | Kerri Walsh

Kemira says it will spin off its Tikkurila coatings business into a public company, and will focus on its water treatment and fibers businesses. The spin off will occur during first-half 2009, Kemira says. Tikkurila will be owned by Kemira’s current shareholders and potential new shareholders. Financial terms of the deal were not disclosed. Kemira also has initiated a €50-million ($77.5-million) cost savings program, excluding the coatings business. Kemira will reorganize around three segments after the spin off: paper, which will focus on the pulp and paper...

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