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December 09, 2014 01:00 AM

Saint-Gobain to acquire control of Sika

RUBBER && PLASTICS NEWS
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    PARIS—Saint-Gobain SA plans to acquire a controlling interest in Sika AG.

    Saint-Gobain said it will purchase Schenker Winkler Holding AG, the owner of 16.1 percent of Sika's capital and 52.4 percent of its voting rights, for about $2.81 billion. Saint-Gobain will be able to consolidate Sika fully in its accounts following the acquisitions.

    Saint-Gobain does not intend to launch an offer for Sika's remaining shares.

    The transaction is pending approval from the relevant antitrust authorities. Saint-Gobain said it is expected to be finalized in the second half of 2015 at the latest.

    Sika employs more than 16,000 in 84 countries and reported about $5.25 billion in sales for 2013, according to Saint-Gobain. Sika has an average annual growth of 8 percent between 2007 and 2013, with 38 percent of its sales in emerging countries, according to Saint-Gobain.

    Sika produces construction chemicals and adhesives and sealants for industrial applications such as waterproofing, soundproofing, sealing and bonding, and protecting and reinforcing structures.

    Saint-Gobain said the deal is expected to generate about $122.8 in cost savings starting in 2017 and about $211.1 million per year starting in 2019.

    Saint-Gobain is exploring the divestment of subsidiary Verallia, a manufacturer of glass packaging that employs 10,000 and operates industrial plants in 13 countries. Verallia reported 2013 sales of about $2.99 billion—excluding Verallia North America.

    Saint-Gobain plans to reach an agreement with a buyer before the summer of 2015.

    “The two transactions, the plan for which we are announcing today, will accelerate the group's strategic refocus on the design, production and distribution of innovative, high-performance solutions for habitat and industry,” Pierre-André de Chalendar, Saint-Gobain chairman and CEO, said in a statement.

    “The transactions meet the objectives we announced in November 2013—to raise the growth potential and reduce the capital intensity of our business, increase our presence in emerging countries and the U.S., and expand our range of differentiated products supported by strong brands.”

    Saint-Gobain designs, manufacturers and distributes building and high-performance materials. The firm reported 2013 sales of about $51.6 billion and operates in 64 countries with about 190,000 employees.

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