PARIS, December 8, 2014 /PRNewswire/ --
Saint-Gobain announces the plan to
acquire a controlling interest in Sika,
world leader in construction chemicals. The transaction involves
Saint-Gobain's purchase of Schenker Winkler Holding AG, owner of
16.1% of Sika's capital and 52.4% of its voting rights, for
CHF 2.75 billion (~€2.3 billion).
Following the acquisition, the Saint-Gobain Group will be able to
fully consolidate Sika in its accounts, leading to a positive
impact on net income as from the first year. Saint-Gobain does not
intend to launch an offer for Sika's remaining shares and has full
confidence in the company to continue developing the business.
Sika employs more than 16,000 people in 84 countries and
reported CHF 5,142 million in sales
in 2013 (~€4.3 billion). Over the past few years, the company has
shown remarkable growth (more than 8% average annual growth between
2007 and 2013) and capacity for development in emerging countries
(38% of its sales are made in emerging countries).
Sika is the world leader in construction chemicals and no. 2
worldwide for adhesives and sealants for its industrial
applications. Its products and services draw on extensive
technological expertise in waterproofing, soundproofing, sealing
and bonding, and protecting and reinforcing structures.
Given the proximity of Sika's activities with those of
Saint-Gobain (Construction Products and Innovative Materials as
well as Building Distribution), the deal is expected to generate
€100 million in synergies as from the second year (2017), and €180
million per year as from 2019. The deal will create value by the
fourth year.
The transaction is subject to clearance from the competent
anti-trust authorities and is expected to be finalized in the
second half of 2015 at the latest.
Saint-Gobain also plans to
launch a competitive process
for the sale of Verallia.
Verallia is a world leader in glass packaging, employs around
10,000 people and has industrial plants in 13 countries. In 2013,
Verallia reported sales of €2.435 billion (excluding Verallia North
America).
This announcement is the next logical step after the divestment
of the North American business that was finalized in April 2014. A formal bidding process will be
launched based on second-half earnings - which will represent a
clear improvement on the first half - with the aim of reaching an
agreement with a buyer before summer 2015, once the relevant works
councils have been consulted.
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, said:
"The two transactions - the plan for which we are announcing
today - will accelerate the Group's strategic refocus on the
design, production and distribution of innovative, high-performance
solutions for habitat and industry.
"The transactions meet the objectives we announced in
November 2013 to raise the growth
potential and reduce the capital intensity of our businesses,
increase our presence in emerging countries and in the US, and
expand our range of differentiated products supported by strong
brands.
"We are looking forward to working with Sika to enhance the
growth potential of this excellent business."
About Saint-Gobain
Saint-Gobain, the world leader in the habitat and
construction markets, designs, manufactures and
distributes building and high-performance materials, providing
innovative solutions to the challenges of growth, energy efficiency
and environmental protection. With 2013 sales of €42 billion,
Saint-Gobain operates in 64 countries and has nearly 190,000
employees. For more information about Saint-Gobain, please
visit http://www.saint-gobain.com or
download the new "Saint-Gobain
Shareholder" application for tablets and
smartphones.
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SOURCE Saint-Gobain