April 12, 2018 at 10:00 a.m. (CET+1)
Review by the President and CEO at Tikkurila's Annual General Meeting
Tikkurila will hold its Annual General Meeting at 10 am today April 12, 2018, in Helsinki. The interim President and CEO, CFO Jukka Havia, will review the key issues from last year and repeat the outlook and guidance for 2018, which were published on February 13, 2018. After that, Elisa Markula, who will start as the President and CEO of Tikkurila today, will present the plans for the current year. The presentations do not contain any material new information.
President and CEO Elisa Markula will go through the priorities on which she will focus first. These include improving efficiency, increasing revenue organically, and building leadership and unified corporate culture.
Efficiency will be boosted by a program launched last year to achieve savings of EUR 30 million. Within the framework of the efficiency program, we have so far moved to a more centralized organizational model, divested unprofitable business activities, decided to close down certain small production units, and have begun harmonizing and simplifying the product portfolio. We will continue this year with the optimization of the production network and product portfolio, and other cost-saving measures.
In the short-term, growth in revenue will be supported by rises in sales prices, which Tikkurila has done and will do in order to compensate for rising raw material prices. Last year, Tikkurila lost sales due, in particular, to delivery problems caused by the introduction of the new ERP system. These problems have largely been solved and service level has been restored. Sales growth is also supported by good demand prospects in key operating countries.
In the longer term, Elisa's goal is to ensure the realization of the Tikkurila vision, 'Surfaces that make a difference'. She aims to clearly define the company's positioning on the market, as well as its differentiating factors and strategic choices. "We strive to understand the surface-treatment needs so well that the customer will have a successful end-result, either with our current products or with new solutions to be developed. We want our customers to feel that we provide them with the best products, support and surfaces, that make a difference - both from the customer and sustainability perspective," says Markula.
Elisa believes in good leadership and a strong corporate culture based on values and sustainability.
The presentation material is attached to this press release and is available at www.tikkurilagroup.com. You can also find Elisa Markula's introductory video in English at the same address.
For further information, please contact:
Minna Avellan, Director, Communications and Investor Relations, mobile +358 40 533 7932, [email protected]
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 around ten countries and our 3,000 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2017, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tikkurila Oyj via Globenewswire