Parex

Sika, a Swiss specialty chemicals group, has made a firm offer to acquire Parex, a leader in mortar solutions, from its current owner CVC for 2.5 billion Swiss francs. The acquisition will double Sika's mortar business to CHF 2.3 billion.

Swiss chemicals company Sika has acquired Parex, a producer of mortars for the construction industry with annual sales of £945 million. The acquisition more than doubles Sika's mortars business.

Sika completed the acquisition of Parex, a leading mortar manufacturer with annual sales of CHF 1.2 billion, on May 23, 2019. The deal was announced on January 8, 2019.

Parex Group inaugurated a new industrial plant in Limpio, Paraguay, representing a $4 million investment. The plant has an annual production capacity of 60,000 tonnes per shift, up from the previous 40,000 tonnes, and can eventually produce over 100,000 tonnes per year.

PAREX, a portfolio company of CVC Capital Partners, has acquired CTM Coatings Inc., a Montreal-based specialist in flooring compound systems with 30 employees and its own chemical production facility. The acquisition marks PAREX's entry into Canada, its 24th country.

Sika has made a binding offer to acquire Parex, a leading mortar manufacturer, from CVC Fund V for an enterprise value of CHF 2.5 billion. Parex operates 74 plants in 23 countries and generated sales of CHF 1.2 billion in 2018.

Sika has completed the acquisition of King Packaged Materials Company, a Canadian manufacturer of dry shotcrete, mortars and concrete solutions, with annual sales of CHF 61 million and 180 employees.