chemicals were incorporated into KemFine Oy, which was sold to the private equity firm 3i in 2004. In 2005, Kemira's net sales were approximately EUR 2 billion. The company acquired Finnish Chemicals 'mills in the spring and Lanxess' paper chemicals mills in Germany in December, making Kemira the world's largest producer of paper chemicals. Kemira was also the market leader in pulp chemicals. In August 2007, the Finnish state sold 32.1% of Kemira's shares to domestic investors for EUR 655.6 million, reducing its holding from 48.6% to 16.5%. Oras Invest bought 17.1% and pension insurance companies 14.97% of Kemira's shares. In 2008 Kemira decided to concentrate on water chemistry, and the following year, 75 percent of the company's revenue came from water chemicals, water treatment and other water technologies. Harri Kerminen's (2008–2012) President and CEO term was largely spent on the integration of acquisitions made by Kurkilahti and the reorganization of the organization. In September 2008, Kemira and Rockwood formed a joint venture that merged both Kemira's and Rockwood's titanium dioxide business and Rockwood's functional additives business. 2010– Tikkurila, which manufactures paints and industrial coatings, was spun off from Kemira in March 2010, when it distributed the majority of Tikkurila's shares as a dividend to its own shareholders. Kemira had 14% of Tikkurila's share capital, which it sold in 2011. In April the Kokkola sulfuric acid plant was sold to Boliden, but Kemira continued its warehousing and loading operations. Wolfgang Büchele, who served as President and CEO from 2012 to 2014, focused Kemira's efforts on water-intensive industries. During his time, some twenty mills were also closed, including the Vaasa paper chemicals mill, which closed at the end of 2013. In the summer of 2013 Kemira acquired the Italian chemical company 3F Chimica. The transaction included production facilities in Italy and one production facility in the United States. 3F Chimica's products included dry polyacrylamide and emulsion polyacrylamide, as well as related process chemicals. In December 2013, Kemira announced that it would sell its entire formic acid business to Taminco in the United States. The deal included about 160 employees and a formic acid plant in Oulu, as well as feed preservation products and airport runway de-icers. In February 2014, Rockwood acquired Kemira's shareholding (39%) in the titanium dioxide joint venture Sachtleben GmbH. Rockwood's pigment business and at the same time the Pori titanium dioxide plant were acquired in the same year