27/01/2009
Sika AG has acquired Iotech Group Limited, with headquarters in England and subsidiaries in the UK, USA and Belgium. The transaction closed on January 26, 2009. Iotech Group revenues totaled GBP 40 million for the year 2008. Previously the company was privately owned. 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 highly profitable and crisis-resistant 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.
With this acquisition Sika substantially 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.
Iotech’s highly recognized R&D organisation enables Sika to establish a technology centre for liquid membranes. Sika anticipates that liquid membrane technology will advance materially and has considerable global market potential.
The parties have agreed not to disclose the sales price. Approximately 250 employees are expected to join Sika.