01 October 2013 17:54 [Source: ICIS news]
LONDON (ICIS)--Sika has acquired the building adhesives business of Dutch paints and coatings firm AkzoNobel, the Sitzerland-based producer said on Monday.
Jan Jenisch, CEO of Sika, said: "The acquisition will make Sika a strong player in the interior finishing market, increasing and complementing our product offerings for Flooring, Sealing & Bonding and Refurbishment."
“About 65% of the acquired business is related to the renovation and refurbishment market. Main technologies are gypsum and cement-based formulations for floor levelling compounds and water-borne floor and tile adhesives," Sika said in a statement.
“The expertise and competence of AkzoNobel's building adhesives in floor adhesives and cementitious underlayments complements Sika's leading role in resin based flooring. It fits into Sika's strategy for hybrid flooring systems with its modular build-up designed to the individual needs of customers around the globe,” it added.
AkzoNobel’s building adhesives business has annual sales of Swiss francs (Swfr) 228m ($253m), with two production sites in Rosendahl (Germany) and Damville (France), Sika said.
The deal was first announced on 8 August 2013. At the time, AkzoNobel said it would sell the building adhesives business to Sika AG for €260m ($351m).
($1 = Swfr0.90, $1 = €0.74)
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