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Fri July 19 2024

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Saint-Gobain to buy Fosroc for £800m

27 Jun French building materials giant Saint-Gobain has agreed a deal to buy construction chemicals supplier Fosroc for US $1,025 (c. £800m) in cash.

Acquiring Fosroc is the next step in Saint-Gobain's growth in the global construction chemicals markets.

Following the acquisitions of Chryso in 2021, GCP in 2022 and 33 additional acquisitions since 2021, Saint-Gobain's worldwide presence in construction chemicals will have combined sales of £5.2bn across 73 countries with Fosroc.

Though a British brand originally, Fosroc today is bigger in the Middle East and India. It has been owned by JMH Group, the vehicle of Dubai-based Scottish businessman James Hay, since 2002.

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Benoit Bazin, chairman and chief executive of Saint-Gobain, said: "The acquisition of Fosroc is perfectly aligned with our ‘Grow & Impact’ strategic plan: it is a unique opportunity for Saint-Gobain to further reinforce its worldwide presence in construction chemicals, and to strengthen its presence in high-growth emerging markets, in particular in India and the Middle East. I am very impressed with Fosroc’s leadership, its strategy and its impressive development, as well as the team's track record of excellent execution and profitable growth. The combination of the two groups will allow us to expand our profitable growth platform in construction chemicals."

Fosroc chairman Jim Hay said: “Today marks the beginning of an exciting new chapter in the history of Fosroc. Our focus on delivering the best solutions and satisfaction to our customers has enabled us to become a leading player in construction chemicals. I want to thank all our teams for their outstanding work over many years."

Fosroc chief executive Rob Bonnici added: "The opportunity to join Saint-Gobain, worldwide leader in light and sustainable construction and a global player in construction chemicals is the perfect next step to enhance our offer by leveraging Saint-Gobain's innovation and technology in construction chemicals. I look forward to continuing our growth journey within Saint-Gobain."

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