Sika Group will expand its product portfolio for the building finishing market, further strengthening its world leader position in construction chemicals following its successful global acquisition of the Parex Group on May 23, 2019.
The acquisition will also boost Sika’s growth prospects in the Philippines, officials said.
Paul Schuler, CEO of Sika, said the acquisition would translate into excellent growth for both companies.
“With the acquisition we are bringing together two strong companies. Parex’s and Sika’s joint business activities present an excellent growth platform for both organizations. In addition to the highly complementary fit with regard to product offerings and channels, we also see that Parex and Sika have very similar culture, values and management styles—with the focus on customer orientation, empowerment, high-quality products and services,” Schuler said.
With annual global sales of $1.152 billion, Parex is a leading mortar manufacturer with an impressive track record of profitable growth and attractive margins.