Sika AG / SIKA ACQUIRES LEADING AUSTRIAN MANUFACTURER OF WATERPROOFING SYSTEMS . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Sika is acquiring Bitbau Dörr, a leading waterproofing system manufacturer, headquartered in Innsbruck, Austria. The transaction is subject to approval by the Austrian competition authority. The product portfolio includes complete waterproofing systems for roofs, buildings and civil engineering applications. In the past business year, the company with its 85-strong staff recorded sales of CHF 50 million.
The acquisition of Bitbau Dörr GmbH will enable Sika to expand its product portfolio. Both companies will benefit from growth opportunities resulting from expanded distribution channels and a broader customer base. In future, Sika will be able to offer its customers a wider range of durable, high-grade waterproofing systems based on polymer-modified bitumen membranes.
Since the family-owned company was founded 150 years ago, Bitbau Dörr has evolved into a highly respected provider of waterproofing systems. Its quality products are used on flat and pitched roofs, bridges and parking decks, and in civil engineering works. The company's headquarters, with central warehouse and production facilities, is located in Innsbruck. With three further distribution sites in Vienna, Graz and Linz, Bitbau Dörr ensures nationwide coverage in Austria and also exports its high-class products to neighboring countries.
Paul Schuler, Regional Manager EMEA: "Thanks to our acquisition of the leading Austrian manufacturer of bitumen-based construction products and complete waterproofing solutions, Sika's customers will benefit from a broader choice of products. On account of its central location, highly skilled research and development unit, and expandable production capacity, Sika will establish the new site as its Central European center of excellence for bitumen waterproofing systems. We would like to welcome all Bitbau Dörr employees to Sika and look forward to working together in expanding our joint business operations."
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SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protection in the building sector and automotive industry. Sika has subsidiaries in 97 countries around the world and manufactures in over 190 factories. Its more than 17,000 employees generated annual sales of CHF 5.75 billion in 2016.
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Source: Sika AG via Globenewswire
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WKN: 858573;ISIN: CH0000587979;