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02 Oct 2019 by Sika
On May 27, 2019, employees of Sika Philippines, Inc. and ParexGroup Inc. converged in all Sika and Parex locations across the country to celebrate Sika and Parex becoming one company. This commemorates the completion of Sika’s global acquisition of Parex on May 23, 2019.
With annual global sales of CHF 1.2 billion, Parex is a leading mortar manufacturer with an impressive track record of profitable growth and attractive margins. Sika and Parex are two strong companies that are highly complementary in product offering and channel penetration. With this acquisition, Sika will expand its product portfolio for the building finishing market, further strengthening its world leader position in construction chemicals, and reaching worldwide sales in excess of CHF 8 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. Parex has a particularly strong presence in distribution channels. With its strong, recognized brands, Parex is known for its comprehensive R&D expertise and technical excellence.
Paul Schuler, CEO of Sika: “With the acquisition we are bringing together two strong companies. Parex’ and Sika’s joint business activities present an excellent growth platform for both organizations.
In addition to the highly complementary fit with regard to product offerings and channels, we also see that Parex and Sika have very similar culture, values and management styles - with the focus on customer orientation, empowerment, high‐quality products and services.
The integration planning is well on track, and on‐site visits have confirmed the attractiveness of the combination of the two businesses. We are excited to start working together to build our joint successful future.
We warmly welcome all employees of Parex to the Sika Family.” The acquisition of Parex will strengthen Sika’s growth platform in the Philippines. 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 presence in projects, and Parex’s expertise in building finishing i.e., façade, skim coat, tile setting mortar solutions, etc. will allow Sika to expand in these growing and attractive market fields. Laurent Bouet, Sika Philippines General Manager: “Parex and Sika share common values and a similar culture of trust and performance.
In our new chapter, we will work together to integrate the two companies and continue to build trust. “Building trust, together” will be the motto of our integration, and together we will create additional value for our customers, accelerate our growth, and capture synergies. While this integration will require hard work and continuous efforts, we are confident that we will complete this successfully; making Sika the undisputed leader in the industry, and a company that everyone can be proud to work for.”