Sika announced on Monday that a relevant agreement has been signed. Ineos Enterprises acquires MBCC’s additives business in the United States, Canada, Europe and the United Kingdom. In addition, Ineos is buying all episodes in Australia and New Zealand.
The sold business generated sales of approximately 920 million francs in 2022 and includes production and sales locations in 36 countries with more than 1,600 employees.
The background to the disposal is official requirements. Following the MBCC Group’s takeover by Sika, announced at the end of 2021, central Switzerland has faced concerns from competition authorities. Closure of the transaction was originally scheduled for the second half of 2022, but officials in North America (US and Canada), Europe (UK and Switzerland), New Zealand and Australia have expressed reservations.
Sika now expects the acquisition of MBCC Group to be completed in the first half of 2023. However, the transaction is still subject to official confirmations. However, Sika has already received unconditional approval from the authorities for the acquisition of MBCC Group in countries such as Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, Thailand and Mexico.
Sika paid CHF 5.5 billion to acquire competitor MBCC and generated additional sales of CHF 2.9 billion. The separated pieces are now gone.
Sika also confirmed previous statements that the acquisition of MBCC should generate synergies of CHF 160 to 180 million annually. Sika describes the liquidation announced today as an “important milestone” for concluding the deal.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
