Sika sells industrial coatings business in Europe
Sika is selling its European industrial coatings business. According to its own statements, the Zug-based specialty chemicals company sees little potential for synergies in this niche business within the Sika Group.
According to a press release, Sika has made the strategic decision to sell its European industrial coatings business based in Vaihingen near Stuttgart, Germany. The buyer is the American Sherwin-Williams Company , the world’s leading supplier of industrial paints and coatings. In contrast, this business offers Sika “little potential for synergies” at group level. The division is therefore “a niche business within the Sika Group”.
The portfolio includes corrosion and fire protection coatings, which are mainly sold in Germany, Switzerland, Poland and Austria. This offers Sherwin-Williams, whose core competencies include industrial coatings, “an important strategic opportunity to promote growth and expand its market position in Europe”.
It was “very important” for Sika to “find a suitable strategic owner who will continue to invest in the further development of products and the further training of employees”, regional manager EMEA, Ivo Schädler, is quoted in the press release. “Within this organization, the Industrial Coatings division and its employees have the ideal prerequisites to develop their full potential.”
