Sika AG and INEOS Enterprises have signed an agreement to acquire MBCC Group’s additional business in the US, Canada, Europe and the UK, as well as its entire businesses in Australia and New Zealand.
Sika AG and INEOS Enterprises have signed an agreement to acquire MBCC Group’s additional business in the US, Canada, Europe and the UK, as well as its entire businesses in Australia and New Zealand.
Sika confirms CHF 160-180 million synergy capacity expected to close in first half of 2023
The divestiture is a milestone for Sika to close its acquisition of MBCC Group
Agreement signed between Sika AG and INEOS
INEOS’ subsidiary Sika AG and INEOS Enterprises have signed an agreement to acquire MBCC Group’s additional business in the United States, Canada, Europe and the United Kingdom and its entire operations in Australia and New Zealand (the “Disposal”) by INEOS Enterprises.
The divestiture is part of the adjustment process required for Sika’s acquisition of the MBCC Group. The disposal perimeter generated net sales of approximately CHF 920 million by the end of 2022 and includes production sites and sales offices in 36 countries with more than 1,600 employees.
The deal with INEOS Enterprises marks a milestone in Sika’s acquisition of MBCC Group. I am confident that we have found a long-term home for MBCC Group’s admissions business. The right new owner and MBCC team led the team to further develop the business along with talented people. At the same time, Sika took a big leap forward in its journey to join the MBCC Group. Together we will further strengthen our growth platform.”
Thomas Hassler, Managing Director Ashley Reid, CEO of INEOS Enterprises: “I am very pleased to be acquiring MBCC Group’s mixing business, these well-invested and well-located sites offer new opportunities for INEOS in the construction market. We have a strong track record of manufacturing excellence, running businesses safely and reliably, and working closely with clients to meet their growth aspirations. I look forward to welcoming the company to INEOS.”
The closing of the transaction and Sika’s acquisition of MBCC Group is subject to regulatory approvals and is expected in the first half of 2023. Sika expects annual synergies of CHF 160-180 million after the closing. The company has already received unconditional regulatory approval to acquire MBCC Group in countries including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, Thailand and Mexico.
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