Finnish paint company Tikkurila is withdrawing from the Russian market after 27 years of work, the company said in a press release on June 20.
PPG (owner of Tikkurila) is winding down business in Russia as previously stated, while maintaining support for our local employees," reads the report.
The company operates three production sites in Russia and plans to sell them to save the jobs of its employees.
It is also noted that the company has previously ceased all sales to the Russian oil and gas industry, state-owned entities, parties that fall within the scope of recent regulations, and the aerospace market.
Tikkurila is a leading Nordic paint company, one of the largest in Northern and Eastern Europe. In June 2021, Tikkurila became part of PPG.