US paint and coatings business Sherwin-Williams has bought the European industrial coatings business of Swiss company Sika.
Sika’s European industrial coating business, based mainly in Germany, develops and manufactures corrosion protection coating systems for high value interior and exterior steel infrastructure, such as bridges, airport and rail, wind and energy, chemicals, power transmission and stations, oil and gas tanks, vessels, pipework, and water and wastewater applications. It also makes fire protection coating systems for steel, wood and concrete building components. Its sales amounted to CHF 75 million (€76.6 million) in 2020.
The business will become part of Sherwin-Williams’ performance coatings operating segment.
‘This transaction fits our strategy of acquiring complementary, high-quality, differentiated businesses that add to our profitable growth momentum,’ says Sherwin-Williams chairman, president and CEO, John G Morikis. ‘The business brings us scale, unique technology, a strong sales and marketing team, technical service capabilities, strategically located manufacturing, and leading specification and approval positions, all of which we can leverage further throughout Europe and other regions across the world. Additionally, synergy opportunities give us great confidence in accelerating the already strong financial performance of the business.’
The transaction is expected to close in early 2022.
