Teknos and Oliva merger in Poland

Finland-based company Teknos and Polish paint producer Oliva have signed an agreement to serve the Polish metal paint market with a joint venture. According to the agreement the new company will operate as Teknos-Oliva. This merger needs legal approvals of governmental bodies. The paint producer expects that the deal can be closed by the end of October 2010. The Polish company offers metal industry paints and yacht paints, has personnel of 90 employees and operates an office as well as a paint factory in Gdynia. The net sales of the Polish business are approx. EUR 8 million.