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However, central Switzerland confirms previous targets for the year as a whole.
As Sika announced on Tuesday, sales from January to March 2021 fell 3.0 percent to CHF 2.33 billion compared to the strong period of the previous year. Negative currency effects reduced sales by 4.2 percent. In terms of local currencies, Sika would have grown 1.2 percent.
Sika announced that the construction sector developed more slowly in the first quarter of 2023 compared to the same period of the previous year. In the first quarter of 2022, the company had grown by 20 percent.
The reasons for this are rising inflation, interest rate hikes and the war in Ukraine. On the other hand, the demand for industrial solutions, especially in the automotive sector, developed positively.
For the current year 2023, Sika continues to expect a 6 to 8 percent increase in sales in local currencies and a disproportionate increase in operating profit. The upcoming MBCC acquisition has not yet been taken into account in these estimates.
About 17 months ago, Sika announced the acquisition of the former BASF construction chemicals business for CHF 5.5 billion, the largest deal in the company’s history of more than 100 years. Sika said the deal should take place in the first half of 2023. Purchase “directly at home”.
(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.
