April 1 (SeeNews) - Swiss producer of special chemicals for construction and industry Sika has completed the acquisition of Romanian mortars and thermal insulation solutions manufacturer Adeplast, the deal advisor said on Wednesday.
The transaction was finalized on March 31, deal advisor Filip & Company said in a press release.
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"There is a slowdown in the activity of many industries, and the instability of the markets we have seen over the last weeks has led to slowing or even suspension of some of the transactions," Filip & Company partner Alexandru Birsan said.
On March 16, Romania's competition authority approved the takeover.
The deal, whose value was not disclosed, was announced by Sika in November 2019. Sika said at the time that the acquisition will significantly strengthen its position in the local construction chemicals market and extend its manufacturing footprint.
Adeplast is headquartered in Ploiești, 70 km north of Bucharest, and produces a wide range of building mortars as well as thermal insulation for building envelope solutions. It operates four production plants, employing 460 people.
Sika is a specialty chemicals company, active in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the construction sector and motor vehicle industry. Sika has subsidiaries in 101 countries around the world and over 300 factories, where it employs more than 24,000 people.