Sika AG announces that its Chinese subsidiary, Sika (China) Ltd., has agreed to acquire a majority stake in Hebei Jiuqiang Construction Material Co., Ltd., a leading supplier of powder concrete admixtures located in Northern China.
Hebei Jiuqiang Construction Material Co., Ltd. has 300 employees and 2010 sales of RMB 225 million (approximately CHF 33 million). The company's production facilities are located 280 kilometres southwest of Beijing, close to Shijiazhuang, the capital of Hebei province. Sika is acquiring a majority stake in the company. The parties have agreed not to disclose the sales price.
Hebei Jiuqiang Construction Material Co., Ltd. was established by Mr. Jingzhuo Qin, a prominent entrepreneur in the field of concrete admixtures. He and the existing management have agreed to stay with the company. Jiuqiang is a well known brand in the Chinese powder concrete admixture market. The company is a competitive key player in the volume segments and has an extensive sales network all over China.
This new partnership will enable Sika to offer a complete portfolio of concrete admixtures in the whole of China.
Sika (China) Ltd is based in Suzhou, Jiangsu province.
Contact: Dominik Slappnig
Sika AG Corporate Profile
Sika AG, located in Baar, Switzerland, is a globally active specialty chemicals company. Sika supplies the building and construction industry as well as manufacturing industries (automotive, bus, truck, rail, alternative energies, building components). Sika is a leader in processing materials used in sealing, bonding, damping, reinforcing and protecting load-bearing structures. Sika's product lines feature high-quality concrete admixtures, specialty mortars, sealants and adhesives, damping and reinforcing materials, structural strengthening systems, industrial flooring as well as roofing and waterproofing systems. Worldwide local presence in 74 countries and some 13 500 employees link customers directly to Sika and guarantee the success of all partners. Sika generates annual sales of CHF 4.4 billion.Visit our website at www.sika.com.