Sika has completed the acquisition of Parex, with annual sales of £945 million, Parex is a leading mortar manufacturer with a track record of profitable growth and attractive margins.
This acquisition will enable Sika to expand its product portfolio for the building finishing market, further strengthening its world leader position in construction chemicals, and reaching sales in excess of £6.3 billion for 2019.
Parex’ product offering includes facade mortars, tile adhesives and waterproofing mortars. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle.
With sites in Atherstone, Warwickshire and Chorley, Lancashire, Parex in the UK are a high performing division of Parex Corporation with expertise in Façade and Streetscape Systems and Technical Mortars.
As part of a recent Parex acquisition in the UK, Sika acquires façade solutions specialist Enewall Limited, based in Wishaw near Glasgow.
The acquisition of Parex will strengthen Sika’s growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to £1.8 billion.
Parex’s strong position in distribution channels will open up new business opportunities for Sika’s product range. Parex will gain access to Sika’s well established direct sales channels, and Parex’s expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.
Dragan Maksimovic, General Manager at Sika UK said: “Sika’s acquisition of Parex provides a major growth opportunity for both organisations. This is a perfect fit with regard to product offerings, channels and culture.”
“The integration planning is well on track, and on-site visits have confirmed the attractiveness of the combination of the two businesses. We are looking forward to a successful future and very happy to welcome Parex employees to the Sika family.”
Mark Shorrock, Managing Director at Parex UK said: “Joining Sika represents an exciting new chapter for Parex and our employees. Parex’s people-focused culture and innovative mindset are core values that both companies share, and our unique capabilities complement each other perfectly. We strongly believe that Sika is the ideal partner to continue the growth of our products in the global market.”