Teknos Acquires Drywood Norge AS
Industrial coatings firm Teknos (Helsinki, Finland) announced that it has completed the acquisition of Drywood Norge AS (Barkaker, Østfold) to support its own growth strategy by entering a new business area in the architectural coatings market.
Though the plan for the merger was released just last month, closing of the acquisition wasn’t expected to take place until April 1.
Great news! Teknos has completed the #acquisition of #Drywood Norge AS, a company operating in architectural #coatings business in Norwegian market. We look forward to provide extended product assortment and direct deliveries to our customers in Norway. https://t.co/aDTLocTSog pic.twitter.com/PemmZmJntO— Teknos (@teknos_group) April 2, 2019
Drywood Norge AS—also known as Dutch Drywood—is a Norway-based paint product manufacturer that has over 40 years in the business. The products, made suitable for the Norwegian climate, are often used in house exteriors and roof coating applications.
Although the company wasn’t officially established until 2011, its turnover today is recorded to be just under NOK 30 million (roughly $3.5 million).
“I’m extremely pleased for the successful completion of the acquisition. We look forward to provide extended product assortment and direct deliveries to our customers in Norway," says Paula Salastie, CEO, Teknos Group Oy.
Frank Mathisen, managing director of Drywood Norge AS, also added, “We have had success in introducing the Drywood products to the Norwegian market and been able to establish long term customer relationships. Now that Teknos takes over the business, we are sure that the business will continue to develop positively.”
All operations will be integrated to Teknos Norway business in Spikkestad. Financial terms for the deal were not made public.