Sika Acquires Technology Leader in Liquid Membranes
Sika AG has acquired Iotech Group Limited, with headquarters in England and subsidiaries in the UK, U.S. and Belgium. Iotech Group revenues totaled $55 million for the year 2008. Iotech specializes in formulation, production and supply of polyurethane liquid membranes and intermediates. Liquid membranes are well established in the global roofing and waterproofing markets. The membranes are supplied mainly to the refurbishment market for small- to medium-sized roofs. The global liquid membrane market is fragmented, and is served only by regional or local suppliers. Market growth is disproportionately high, outperforming the construction market as a whole, according to the company.
With this acquisition Sika expands its technology and market know-how and builds up a market position in polyurethane liquid membranes for roofing. In addition to liquid membranes, Iotech formulates produces and supplies hygienic wall coatings. This product range contributes to Sika’s market approach in clean room applications, e.g. for the food industry.
The liquid plastics division manufactures in a state-of-the art production facility in Middletown, CT. Sika will integrate liquid plastics into its construction products division.