SIKA TO SELL SELECTED MBCC GROUP ADMIXTURE ASSETS TO INEOS ENTERPRISESSource: OMX
Ad Hoc Announcement Pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
SIKA TO SELL SELECTED MBCC GROUP ADMIXTURE ASSETS TO INEOS ENTERPRISES
- Sika AG and INEOS Enterprises have signed an agreement for the acquisition of MBCC Group’s admixtures assets in the US, Canada, Europe, and the UK and its entire operations in Australia, and New Zealand
- Divestment is a key milestone for Sika to close MBCC Group acquisition
- Sika confirms synergy potential of CHF 160-180 million following expected closing in first half of 2023
Sika AG and INEOS Enterprises, a subsidiary of INEOS, have signed an agreement for the acquisition of MBCC Group’s admixtures business in the US, Canada, Europe, and the UK and its entire operations in Australia and New Zealand (“Disposal Perimeter”) by INEOS Enterprises. The divestment is part of the required remedy process in Sika’s acquisition of MBCC Group. The Disposal Perimeter generated net sales of around CHF 920 million by the end of 2022 and includes production sites and sales offices in 36 countries with more than 1,600 employees.
Thomas Hasler, CEO of Sika: “The agreement with INEOS Enterprises marks a key milestone in Sika’s acquisition of MBCC Group. I am convinced that we have found a long-term home for the MBCC Group’s admixture business. The perfect new owner who will further develop the business together with a talented and driven MBCC Group team. At the same time, Sika has taken a tremendous leap forward on its path to joining forces with MBCC Group. Together we will strengthen our growth platform further.”
Ashley Reed, CEO INEOS Enterprises: “I am very pleased to have agreed the acquisition of MBCC Group’s Admixture business, these well invested and well positioned sites, present new opportunities for INEOS to grow in the construction market. We have a strong track record of manufacturing excellence, running businesses safely and reliably and working closely with customers to meet their growth aspirations. I very much look forward to welcoming the business into INEOS.”
The completion of the transaction as well as Sika’s acquisition of MBCC Group are subject to regulatory approvals and expected in first half of 2023. Sika expects annual synergies of CHF 160-180 million following closing. The company has already received unconditional regulatory approval for the acquisition of MBCC Group in countries such as Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, Thailand, and Mexico.
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SIKA AG CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building sector and motor vehicle industry. Sika has subsidiaries in 101 countries around the world and manufactures in over 300 factories. Its more than 27,500 employees generated annual sales of CHF 10.49 billion in 2022.
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