Yahoo Finance SIKA HAS AGREED TO ACQUIRE A LEADING MANUFACTURER OF CEMENTITIOUS POWDER PRODUCTS IN SINGAPORE AND MALAYSIA
Sika has agreed to acquire LCS Optiroc Pte Ltd. in Singapore and LCS Optiroc SDN. BHD in Malaysia, a leading manufacturer of cementitious powder products. The business generated annual sales of CHF 24 million in the last financial year. With the acquisitions of AkzoNobel`s Building Adhesives and Everbuild Building Products this year as well as Technokolla in 2011, this take-over strengthens Sika`s offerings in powder products and in the interior finishing sector.
Founded by Kim Hong Lim and Choong Fee Chong, LCS Optiroc has achieved a leading position in the Singapore cementitious powder products market. The company has a strong product offering which includes grouts, mortars, floor screeds, tile adhesives and renders for interior and exterior finishing in the Refurbishment and Flooring target markets. Choong Fee Chong will stay with the company and continue to drive the success of the existing business as well as support the development of the cementitious powder business both locally and regionally.
Sika is acquiring two established factories in Singapore and in Malaysia, which will reinforce the regional supply chain. The acquisition will enable Sika to take a big step forward in the Singapore construction market, significantly increasing sales volume and gaining a local manufacturing base. With the new site in Malaysia, Sika will strengthen its presence in the southern part of the country. In addition to further strengthening Sika`s market position in Malaysia and Singapore, the acquisition will also provide a base for expansion into the cementitious powder products market in the Asia/Pacific region.
Choong Fee Chong, LCS Optiroc: "We are proud to be joining the Sika Group. With Sika we have the possibility to expand our business into new markets and to benefit from their strong R&D capabilities."
Jan Jenisch, CEO of Sika: "Optiroc complements our existing business in the region. The acquisition will open up important business opportunities and support our successful growth strategy in the emerging markets. We welcome all Optiroc employees into the Sika family. I am convinced that we can significantly grow the business together."
SIKA AG | Zugerstrasse 50 | CONTACT | Dominik Slappnig |
SIKA AG CORPORATE PROFILE
Sika AG, located in Baar, Switzerland, is a globally active specialty chemicals company. Sika supplies the building and construction industry as well as manufacturing industries (automotive, bus, truck, rail, solar and wind power plants, façades). Sika`s product lines feature high-quality concrete admixtures, specialty mortars, sealants and adhesives, damping and reinforcing materials, structural strengthening systems, industrial flooring as well as roofing and waterproofing systems. Worldwide local presence in 80 countries and some 15,200 employees link customers directly to Sika and guarantee the success of all partners. Sika generated annual sales of CHF 4,829 million in 2012.
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Source: Sika AG via GlobeNewswire
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