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>>> Sherwin-Williams to Acquire European Industrial Coatings Business of Sika


Yahoo Finance

August 19, 2021


https://finance.yahoo.com/news/sherwin-williams-acquire-european-industrial-203000590.html


CLEVELAND, Aug. 19, 2021 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) today announced it has signed an agreement to acquire the European industrial coatings business of Sika AG. The transaction is expected to close in the beginning of 2022.

Based in Germany with additional sales and technical support in Poland, Austria and Switzerland, Sika's European industrial coating business engineers, manufactures and sells corrosion protection coating systems for high value interior and exterior steel infrastructure, bridges, airport and rail, wind and energy, chemicals, power transmission and stations, interior linings for oil and gas tanks, vessels, and pipework, and water and wastewater applications, along with fire protection coating systems to protect and preserve steel, wood and concrete building components. Sales of the business were approximately CHF 75 million ($82 million) for the year ended December 31, 2020. The acquired business will become part of the Company's Performance Coatings Group operating segment. Approximately 130 Sika employees are expected to join Sherwin-Williams.

"This transaction fits our strategy of acquiring complementary, high-quality, differentiated businesses that add to our profitable growth momentum," said Sherwin-Williams Chairman, President and Chief Executive Officer, John G. Morikis. "The business brings us scale, unique technology, a strong sales and marketing team, technical service capabilities, strategically located manufacturing, and leading specification and approval positions, all of which we can leverage further throughout Europe and other regions across the world. Additionally, synergy opportunities give us great confidence in accelerating the already strong financial performance of the business. We look forward to officially welcoming Sika's industrial coating employees to Sherwin-Williams upon the close of the transaction at the beginning of next year."

ABOUT THE SHERWIN-WILLIAMS COMPANY

Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® Water Seal®, Cabot® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,000 Company-operated stores and facilities, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.

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