Sika Corporation, the U.S. subsidiary of Sika AG, has acquired the commercial and industrial polymer flooring business of The Valspar Corporation. The transaction closed on January 9, 2008. Revenues for this business totaled approximately $17 million for the fiscal year ended October 26, 2007.
Already a market leader in construction chemicals including adhesives and sealants, concrete admixtures, repair and strengthening products, Sika expects that this acquisition will further strengthen its North American position in the polymer flooring market. The parties have agreed not to disclose the sale price. Approximately 27 employees are expected to join Sika as part of the transaction.
The Valspar polymer flooring business, with its strong portfolio of epoxy and polyurethane technology products, is an excellent fit for Sika's focused growth strategy for North America. With an established, well-respected range of products, people, applicators and distributors, the Valspar polymer flooring business greatly enhances and complements Sika's current position in this key market.
The acquisition also creates for Sika the most comprehensive range of epoxy, polyurethane and other key polymer flooring products and technologies in the industry. Sika is confident that the Valspar flooring business, when combined with Sika's broad offering of sales and support services, will enable Sika to offer even greater value to its polymer flooring customers.