Sources: Sika AG, Baar, Switzerland; CP staff
In one of the final major moves to consummate its MBCC Group takeover, Sika AG has entered an agreement whereby London-based petrochemicals Giant Ineos Enterprises will acquire Master Builders Solutions concrete admixture businesses in the U.S., Canada, United Kingdom and Europe, along with MBCC’s complete Australia and New Zealand portfolios. The proposed transaction spans production sites and sales offices across 36 countries, with a combined payroll of 1,600-plus and 2022 revenues approaching $1 billion.
Sika anticipates closing the MBCC takeover during the first half of this year. The asset disposal plan should address market concentration concerns that U.S. Department of Justice Antitrust Division officials, along with their counterparts in Canada and overseas countries, would likely raise with Master Builders and Sika concrete admixture brands under common ownership.
“The agreement marks a milestone in our acquisition of MBCC Group,” says Sika CEO Thomas Hasler. “I am convinced that we have found a long-term home for the MBCC admixture business. The perfect new owner who will further develop the business together with a talented and driven team. At the same time, Sika has taken a tremendous leap forward on its path to joining forces with MBCC Group. Together we will strengthen our growth platform further.”
Master Builders Solutions encompasses “well invested and well positioned sites,” adds Ineos Enterprises CEO Ashley Reed, and “present[s] new opportunities for Ineos to grow in the construction market. We have a strong track record of manufacturing excellence, running businesses safely and reliably, and working closely with customers to meet their growth aspirations.”