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Kemira to Spin Off Coatings Unit and Reorganize

2:10 PM MDT | June 23, 2008 | Kerri Walsh

Kemira says it will spin off its Tikkurila coatings business during the first half of 2009 and focus on its water treatment and fiber businesses. Tikkurila will be owned by Kemira’s current shareholders and potential new shareholders. Financial terms of the deal were not disclosed. Kemira has also announced a €50-million ($77.5 million) cost-savings program, excluding the coatings business. Kemira’s coatings business reported full-year 2007 operating income excluding special items up 15%, to €64.3 million, on sales up 11%, to €625...

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