BAAR, SWITZERLAND (July 12, 1 p.m. ET) — Swiss chemicals firm Sika AG is acquiring Biro Edwin Bischof AG, a manufacturer of plastic parts for the automotive industry, for an undisclosed sum.
Romanshorn, Switzerland-based Biro Edwin Bischof already produces components for the automotive industry, for example sound absorbing parts and reinforcers for bodywork structures, for Sika, and generated sales of 35 million Swiss francs ($42 million) in 2010.
According to Baar-based Sika, Biro has come under increasing pressure in recent years because of the economic crisis but says the acquisition will “put it on a new financial footing.”
Sika supplies the European construction, manufacturing and transport industries. The company generates annual sales of 4.4 billion francs ($5.3 billion).