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Sika raises annual sales outlook, launches sale for parts of MBCC

10/04/2022 | 01:38am EST
Logo of Swiss chemical group Sika is seen in Zurich

ZURICH (Reuters) -Sika raised its full-year sales outlook on Tuesday and forecast higher sales in local currencies by more than 15% in 2022, as the company formally launched a sale process for a part of former BASF business it had acquired last year.

The Swiss producer of construction chemicals had previously targeted a sales increase in local currencies at "well over 10%", exceeding 10 billion Swiss francs ($10.09 billion) for the first time.

The company, whose products are used to strengthen and waterproof concrete, said it expected to increase its operating profit at a higher rate than sales, retaining its previous forecast.

Sika said it had also started looking for a "competent buyer" for the part of MBCC Group, the former construction chemicals business of BASF, which Sika bought for $6 billion last November.

Sika is required to get regulatory approval in some countries for an overall acquisition.

The company said in August that it expects to complete the deal, its biggest ever acquisition, in the first half of 2023 instead of this year-end.

"Sika confirms the strategic fit of the MBCC acquisition," it said on Tuesday. Unconditional approval has already been received from authorities in most jurisdictions, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand.

"The acquisition is significantly value-enhancing and Sika confirms annual synergies of 160 million-180 million francs

($1 = 0.9911 Swiss francs)

(Reporting by John Revill; Editing by Rachel More and Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -1.40% 48.91 Delayed Quote.-20.83%
DOW JONES AFRICA TITANS 50 INDEX -0.98% 461.17 Real-time Quote.-13.20%
DOW JONES SOUTH AFRICA(ZAR) 0.01% 2005.94 Real-time Quote.0.95%
EURO / BRAZILIAN REAL (EUR/BRL) 0.35% 5.5669 Delayed Quote.-11.50%
S&P AFRICA 40 INDEX 0.52% 152.23 Real-time Quote.-12.28%
SIKA AG -2.98% 237.3 Delayed Quote.-35.67%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.08% 18.639 Delayed Quote.39.77%
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