Baar, Switzerland—Sika recently completed the acquisition of Parex, a leading mortar manufacturer with a track record of profitable growth. With this acquisition, Sika will expand its product portfolio for the building finishing market,further strengthening its world leader position in construction chemicals. The deal was first announced on January 8, 2019.
Parex’ product offering includes facade mortars, tile adhesives and waterproofing mortars. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle. According to the company, it has a particularly strong presence in distribution channels, especially in China, where it has built up a network of over 90,000 points of sale. Parex is known for its comprehensive R&D expertise and technical excellence. The company is locally present in 23 countries, with key positions in eight core markets, and operates 74 plants around the world.
“With the acquisition we are bringing two strong companies together,” said Paul Schuler, CEO of Sika. “Parex’s and Sika’s joint business activities present an excellent growth platform for both organizations. In addition to the highly complementary fit with regard to product offerings and channels, we also see that Parex and Sika have very similar cultures, values and management styles – with the focus on customer orientation, empowerment, high-quality products and services. The integration planning is well on track, and on-site visits have confirmed the attractiveness of the combination of the two businesses. We are excited to start working together to build our joint successful future. We warmly welcome all employees of Parex to the Sika Family.”
The acquisition of Parex is expected to strengthen Sika’s growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to over $2.3 billion. Parex’s strong position in distribution channels will also open up new business opportunities for Sika’s product range. Parex will gain access to Sika’s well-established direct sales channels, and its expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.
“I am very proud of our entire Parex team and what we have achieved,” said Eric Bergé, CEO of Parex. “Sika represents a great platform to continue to deliver on our ambitious growth plan. The combination of the two companies creates new, exciting opportunities in terms of offering new solutions to our customers and continuing our geographic expansion. I am delighted we have found the perfect home for Parex within Sika, a strong company with similar values to our own.”