PPG (Pittsburgh) increased its offer to purchase Tikkurila, a Vantaa, Finland-based paint manufacturer that also produces wood floor stain and finish.
PPG’s original bid for Tikkurila was valued at $1.35 billion, but increased to $1.52 billion after a competing bid was made, the Pittsburgh Post-Gazette reports.
The two companies expect to close the deal in the second quarter of 2021, according to PPG.
“We will be able to extend the reach of the strong Tikkurila products, and immediately utilize Tikkurila’s well-established distribution network across the Nordic region for a wide variety of PPG products,” PPG Chairman and CEO Michael McGarry said in a statement.
Tikkurila operates in 11 countries and has 2,700 employees.
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