Sika: Sale of European industrial coatings business

Sika announced that it has agreed to sell its European industrial coatings business, based in Germany, to The Sherwin-Williams Company, a US-based leader in paints and coatings. In 2020, the business segment generated sales of approximately CHF 75 million (~ EUR 70 million). Financial details of the transaction were not disclosed. The closing is expected in early 2022.

The business offers a wide range of products and solutions primarily sold to specialised customer groups such as steel construction companies or anticorrosion experts. Sika said these customer segments provide little synergy potential on a group-wide level and the business has remained a specialised niche within the company. 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.

Sika said it is convinced that in Sherwin-Williams it has found the right long-term owner for its European industrial coatings business. Industrial coatings are a core competence for Sherwin-Williams and the acquired business is an important strategic opportunity to drive growth and support the expansion of its market position in Europe.

Ivo Schädler, Regional Manager EMEA, said: “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. 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.”

www.sika.com
www.sherwin-williams.com