Sika Corp., a specialty chemicals company based in Lyndhurst, announced Thursday it has acquired Parex, a mortar manufacturer based in Anaheim, California.
The deal will help expand Sika’s product portfolio and growth platform for the building finishing market, it said. Parex will also gain access to Sika’s direct sales channels.
“With the acquisition, we are bringing two strong companies together. Parex’s and Sika’s joint business activities present an excellent growth platform for both organizations,” Sika CEO Paul Schuler said.
“In addition to the highly complementary fit with regard to product offerings and channels, we also see that Parex and Sika have very similar cultures, values and management styles — with the focus on customer orientation, empowerment, high-quality products and services. The integration planning is well on track, and on-site visits have confirmed the attractiveness of the combination of the two businesses.
“We are excited to start working together to build our joint successful future. We warmly welcome all employees of Parex to the Sika Family.”
Sika has subsidiaries in 101 countries and manufactures in more than 200 factories. Parex, which has 74 plants throughout 23 countries, offers products such as façade mortars, tile adhesives and waterproofing mortars.
“I am very proud of our entire Parex team and what we have achieved. Sika represents a great platform to continue to deliver on our ambitious growth plan. The combination of the two companies creates new, exciting opportunities in terms of offering new solutions to our customers and continuing our geographic expansion. I am delighted we have found the perfect home for Parex within Sika, a strong company with similar values to our own,” Parex CEO Eric Bergé said.
Financial terms were not disclosed.
