Sika to Sell European Industrial Coatings Business
Earlier this month, Swiss chemical company Sika announced its intensions to divest its Germany-based European industrial coatings business to The Sherwin-William Company.
In 2020, the business segment generated sales of approximately CHF 75 million ($82.1 million).
“It is of great importance for Sika to have found a good strategic owner for the European industrial coatings business that will continue to invest in the further development of its people and products. Customers can continue to rely on the availability of high-quality products and technical support in the future,” said Sika Regional Manager, EMEA, Ivo Schädler.
“Sherwin-Williams is a strong, growing company with the strategic focus on coatings and paints. Within this organization, the industrial coatings business along with its employees will be in an ideal position to develop and grow to their full potential.”
According to Sika, the European industrial coatings business offers a wide portfolio of innovative products and solutions primarily sold to specialized customer groups such as steel construction companies or anticorrosion experts. However, over time, the company reports that these customer segments have provided little synergy potential on a group-wide level and the business has remained a specialized niche within the Sika Group.
The transaction includes the European industrial coatings business with the main location and manufacturing facility in Vaihingen, Germany. The product range encompasses anticorrosive and fire protection coatings, which are mainly sold in Germany, Switzerland, Poland and Austria.
The transaction is expected to close in the beginning of 2022. Financial details have not been released at this time.