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    TIK1V   FI4000008719

TIKKURILA OYJ

(TIK1V)
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Tikkurila Oyj : Changes to the Board of Directors of Tikkurila Oyj and disbandment of the Nomination Board

06/14/2021 | 04:11am EDT

TIKKURILA OYJ
Changes in Board/Management/Auditors

June 14, 2021 at 11.10 a.m. EEST

As previously announced on June 10, 2021, Tikkurila Oyj's Annual General Meeting decided to elect Michael McGarry, Timothy Knavish, Laura Alvarez, Emmanuelle Guérin, Steven Pocock, Rocco Semeraro and Ramaprasad Vadlamannati as new members of the Board of Directors, and to elect Michael McGarry as the Chairman and Timothy Knavish as the Vice Chairman of the Board of Directors, for a term commencing on the registration of the right and obligation of PPG Industries, Inc. or of its subsidiary to redeem minority shares with the Finnish Trade Register, and ending at the closure of the next Annual General Meeting.

PPG Finland Oy, a fully owned subsidiary of PPG Industries, Inc., has informed Tikkurila that it holds more than 90 percent of all the issued and outstanding shares in Tikkurila Oyj and voting rights carried by these shares. The right and obligation of PPG Finland Oy to redeem minority shares in Tikkurila Oyj has been registered with the Finnish Trade Register today, on June 14, 2021. Therefore, the term of office of the aforementioned new members of the Board of Directors has commenced. Consequently, the term of office of the members of the Board of Directors elected by the Annual General Meeting until the right and obligation of PPG Industries, Inc. or of its subsidiary to redeem minority shares has been registered, has ended.

Additionally, the Annual General Meeting decided to disband the Nomination Board, such resolution being conditional and becoming effective upon the registration of the right and obligation of PPG Industries, Inc. or its subsidiary to redeem minority shares with the Finnish Trade Register. As the right and obligation of PPG Finland Oy to redeem minority shares has been registered with the Finnish Trade Register today, on June 14, 2021, the Nomination Board of Tikkurila Oyj has been disbanded.

Composition of the Audit Committee

Upon the commencement of the term of office of the new Board of Directors, Tikkurila Oyj's previous Audit Committee's term of office has also ended. The Board of Directors of Tikkurila Oyj will appoint the new members of the Audit Committee separately later. The appointment will be announced separately.

Tikkurila Oyj
Board of Directors

For more information, please contact:

Sanna Lehti, General Counsel
tel. +358 40 5111757
sanna.lehti@tikkurila.com

Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in seven countries and our 2,400 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2020, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.

www.tikkurilagroup.com

https://news.cision.com/tikkurila/r/changes-to-the-board-of-directors-of-tikkurila-oyj-and-disbandment-of-the-nomination-board,c3366366

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
PPG INDUSTRIES, INC. 1.24% 164.94 Delayed Quote.14.37%
TIKKURILA OYJ 0.00% 34 Delayed Quote.36.27%
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Financials
Sales 2021 594 M 701 M 701 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 1 500 M 1 771 M 1 770 M
Capi. / Sales 2021 2,52x
Capi. / Sales 2022 -
Nbr of Employees 2 615
Free-Float 88,9%
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Last Close Price 34,00 
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Markus Melkko Chief Executive & Financial Officer
Jari Pertti Paasikivi Chairman
Fredrik Linde Senior Vice President-Operations
Tapio Petteri WalldÚn Vice Chairman
Riitta Mynttinen Independent Director
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