Russian subsidiary of Finnish paints maker Tikkurila to sell products under new brand
Sept 24 (Reuters) -Finnish paint maker Tikkurila's products manufactured at plants in Russia will be sold under a new brand, Tikkivala, from the first quarter of next year, Tikkurila's Russian subsidiary said on Tuesday.
Tikkurila's owner PPG PPG.N has been trying to exit Russia since June 2022 and divested its industrial coatings business in Russia in 2023. Tikkurila said in a February statement that it complies with all sanctions and has no means of influencing operative decisions made by the Russian subsidiary, OOO Tikkurila.
PPG, which did not immediately respond to a request for comment on Tuesday, has been awaiting approval from authorities in Russia to sell its architectural coatings business, OOO Tikkurila, Tikkurila said in February.
"The exit process has been extremely long and difficult," Tikkurila said.
Scores of companies have exited Russia since Moscow invaded Ukraine on Feb. 24, 2022, but Russia has steadily tightened exit requirements, demanding government approval, a 50% discount on any sale and a contribution to the federal budget of at least 10% of the sale price, dubbed an "exit tax" by Washington.
Russia is now discussing a significant hike to that exit tax, the RBC daily reported last week, one of a handful of factors prolonging company exits.
"Before the war, PPG's business in Russia was approximately 1% of net sales; it is significantly lower now," Tikkurila said.
Reporting by Alexander Marrow in London; additional reporting by Anne Kauranen in Helsinki; editing by Alexandra Hudson
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