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BUCHAREST (Romania), December 19 (SeeNews) - Swiss producer of speciality chemicals for construction and industry Sika said on Wednesday it has agreed to buy Romanian roofing and waterproofing systems manufacturer Arcon Membrane for an undisclosed sum.
By acquiring Arcon, Sika will significantly strengthen its position in the Romanian market and extend its product portfolio to meet the increasing demand for complete solutions in the roofing and waterproofing markets, it said in a press release.
The transaction is subject to approval by the Romanian anti-trust authority.
"Arcon’s market leading position, comprehensive product portfolio, and established distribution network will support our growth strategy by opening up new cross-selling opportunities, as well as increasing our market access and the penetration of key projects," Sika EMEA regional manager Ivo Schädler said.
When acquired, Arcon business is expected to generate annual sales of 23 million Swiss francs ($23.2 million/20.4 million euro).
With the acquisition of Arcon, Sika will become the clear market leader in the Romanian roofing and waterproofing markets. It is also a further step in Sika’s expansion in bituminous membranes, following several acquisitions in recent years such as Index in Italy, KVK in the Czech Republic, and Bitbau Dörr in Austria.
Also, the acquired technologies will perfectly complement Sika’s roofing, waterproofing, and building envelope systems, the company explained.
Arcon is based in Sfantu-Gheorghe, 200 km north of Bucharest. In its fully automated manufacturing facility it produces technologically advanced bituminous membranes, with the potential to also serve other South East European markets.
Furthermore, Arcon’s product portfolio also includes thermal insulation systems for facades and roofs, combining expanded polystyrene sheets and bituminous membranes.
(1 Swiss franc = 0.89 euro)