The Sherwin-Williams Company (NYSE: SHW) has completed its acquisition of the European industrial coatings business of Sika AG. The acquired business will become part of the Company's Performance Coatings Group operating segment. Approximately 115 Sika employees will join Sherwin-Williams.
"This business brings us unique technology and additional manufacturing and services capabilities in line with our strategy of acquiring complementary, high-quality, differentiated businesses that support our growth and profitability targets," said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis. "The combination of customer focus, talented employees and similar cultures creates exciting prospects for continued growth and success throughout Europe and other regions across the world."
Sika's European industrial coating business manufactures and sells corrosion protection coating systems for high value interior and exterior steel infrastructure, bridges, airport and rail, wind and energy, chemicals, power transmission, interior linings for oil and gas tanks, vessels, and pipework, and water and wastewater applications, along with fire protection coating systems to protect and preserve steel, wood and concrete building components. Sika's industrial coatings business is based in Germany with additional sales and technical support in Poland, Austria and Switzerland. Sales of the business were CHF 75 million (approximately $82 million) for the year ended December 31, 2020.