Sika announces record sales and profits

Management of Swiss construction company subject to hostile takeover by Saint Gobain says it is 'open to constructive talks' about its future

Sika is currently subject to a $2.8bn hostile takeover by Saint-Gobain
Sika is currently subject to a $2.8bn hostile takeover by Saint-Gobain

Construction chemicals company Sika said it achieved the best results in its history in 2014 as its sales grew by 13% to $5.8bn.

The company also witnessed a 28% increase in net profit to $462.5m.

Sika is currently the subject of a partial takeover bid by French firm Saint Gobain. It is looking to buy a stake held by the founding Bukard family which, although it only represents 16.1% of the total shares in the business, comes with the majority (52.4%) of the voting rights.

Sika's board have opposed the deal arguing that the change in control is not in the best interests of all of the company's shareholders.

In a statement to shareholders, the board said it "will continue to act in the interests of Sika and its stakeholders, and, in the light of this background, are open to constructive talks with all the parties involved".

CEO Jan Jenisch: "Our record year in 2014 is the result of our strategic continuity and the expertise and commitment of our 16,895 employees."

Sales in its Europe, Middle East and Africa region increased by 13.3%, powered by "visible growth drivers" in the Middle EAst and Africa.
The company is also planning to open "seven to nine" new factories in growth markets this year.

 

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