BASF has signed an agreement to acquire GRUPO THERMOTEK, a leading waterproofing systems supplier based in Monterrey, NL, Mexico. The transaction is subject to approval by relevant authorities and is expected to close by mid-2017. Both parties have agreed not to disclose financial details of the transaction.

“The construction industry is an important segment of BASF’s business in Mexico and Central America,” said Dr. Michael Stumpp, Managing Director BASF Mexicana, S.A. de C.V., and Central America.  “With the acquisition of THERMOTEK we are fostering our company’s growth path and demonstrating our commitment to our customers in this region.”

GRUPO THERMOTEK is a privately held company founded in 1992 and is the leader in waterproofing systems in Mexico. Its products are designed to offer maximum quality on virtually every type of substrate and include resinous and dispersion-based materials as well as modified asphalt sheet membranes. The company has more than 200 distributors in the region and employs approximately 500 people.

With this acquisition, BASF intends to build on the strength of the existing THERMOTEK brands. Both companies offer complementary portfolios of construction chemicals solutions and have different channels to market.

“THERMOTEK provides a strategic fit for our construction chemicals business as it offers well-established brands in a region with high growth potential,” said Ralf Spettmann, President of BASF’s Construction Chemicals division. “Through this acquisition, BASF will strengthen its family of waterproofing systems brands and broaden its sales channels in Mexico and Central America to continue helping customers solve their challenges.”

“THERMOTEK has always aimed to exceed customer expectations through top-quality service and product performance,” said David Wolberg, CEO, GRUPO THERMOTEK. “As part of BASF, customers will benefit from a robust product portfolio and the innovation expertise of the world’s leading chemical company.”