Sika has finalised the acquisition of mortar manufacturer Parex.

With this acquisition, Sika will expand its product portfolio for the building finishing market, and reach sales in excess of £6.3 billion for 2019.

This announcement comes after the deal was first revealed on 08 January 2019.

Parex's product offering includes facade mortars, tile adhesives and waterproofing mortars. With its expertise in mortar solutions for renovation and new builds, Parex participates in all phases of the construction life cycle. Parex has a particularly strong presence in distribution channels, especially in China, where Parex has built up a network of over 90,000 points of sale. With its strong, recognised brands, Parex is known for its comprehensive R&D expertise and technical excellence. The company is locally present in 23 countries, with key positions in eight core markets, and operates 74 plants around the world.

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The acquisition of Parex will strengthen Sika's growth platform. Its mortar business, which is a key growth technology for the group and one of its important earning contributors, will more than double in size to £1.8 billion. Parex's strong position in distribution channels will open up new business opportunities for Sika's product range. Parex will gain access to Sika's well established direct sales channels, and Parex's expertise in the facade and tile setting business will allow Sika to participate in these growing and attractive market fields.

Paul Schuler, CEO of Sika said: "With the acquisition we are bringing together two strong companies. Parex and Sika's joint business activities present an excellent growth platform for both organisations. In addition to the highly complementary fit with regard to product offerings and channels, we also see that Parex and Sika have very similar culture, values and management styles   ̶   with the focus on customer orientation, empowerment, high-quality products and services. The integration planning is well on track, and on-site visits have confirmed the attractiveness of the combination of the two businesses. We are excited to start working together to build our joint successful future. We warmly welcome all employees of Parex to the Sika Family."