The Sherwin-Williams Company (Cleveland, Ohio, USA) announced that it has completed its acquisition of the European industrial coatings business of Sika AG (Baar, Switzerland). The acquired business will become part of Sherwin-Williams’ Performance Coatings Group operating segment.
As a result of this acquisition, which was first announced by the two companies in August 2021, approximately 115 Sika employees will join Sherwin-Williams
“This business brings us unique technology and additional manufacturing and services capabilities in line with our strategy of acquiring complementary, high-quality, differentiated businesses that support our growth and profitability targets,” says John G. Morikis, chairman and chief executive officer for Sherwin-Williams. “The combination of customer focus, talented employees and similar cultures creates exciting prospects for continued growth and success throughout Europe and other regions across the world.”
Sika's European industrial coating business manufactures and sells corrosion protection coating systems for high value interior and exterior steel infrastructure, bridges, airport and rail, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, and pipework, and water and wastewater applications, along with fire protection coating systems to protect and preserve steel, wood and concrete building components. Based in Germany with additional sales and technical support in Poland, Austria and Switzerland, Sika’s industrial costings business reached sales of CHF 75 million (~$81 million) for the year that ended on December 31, 2020.
According to Sika, proceeds from finalized acquisition will total €200 million (~$218 million), with a positive one-time impact on the profitability of Sika in the first half-year 2022. The final effect on the financial statements will be presented in the half-year report to be published on July 22, 2022.
Source: Sherwin-Williams, www.sherwin.com.