The acquisition of Parex, with its annual sales of £945m, more than doubles the size of Sika’s mortars business and will take Sika’s global sales past the £7bn mark.
Parex’ product offering includes facade mortars, tile adhesives and waterproofing mortars.
As part of the acquisition, Sika gets façade solutions specialist Enewall Limited, based in Glasgow, as well as Parex UK facilities in Atherstone, Warwickshire and Chorley, Lancashire.
Sika UK general manager Dragan Maksimovic said: “Sika’s acquisition of Parex provides a major growth opportunity for both organisations. This is a perfect fit with regard to product offerings, channels and culture. The integration planning is well on track, and on-site visits have confirmed the attractiveness of the combination of the two businesses. We are looking forward to a successful future and very happy to welcome Parex employees to the Sika family.”
Parex UK managing director Mark Shorrock said: “Joining Sika represents an exciting new chapter for Parex and our employees. Parex’s people-focused culture and innovative mindset are core values that both companies share, and our unique capabilities complement each other perfectly. We strongly believe that Sika is the ideal partner to continue the growth of our products in the global market.”