Sika has agreed to acquire Crevo-Hengxin, a Chinese manufacturer of silicone sealants and adhesives used in industry and construction applications.
The takeover comes within months of the acquisition of mortar producer Parax - the biggest in Sika's history. The Crevo-Hengxin takeover will expand Sika's sealing and bonding presence in China and the Asia Pacific region as well as additional silicone technology plus a production footprint. Crevo-Hengxin generates sales of CHF 50 million, with a workforce of 140 employees.
Crevo-Hengxin is a family-owned manufacturer of a broad range of silicone products used for facades, fenestration, insulated glass, interior finishing and other sealing and bonding applications. In addition, the company holds one of the leading positions as supplier of silicones for the growing solar industry, according to Sika.
Crevo-Hengxin is located in Changshu, 50 kilometers north of Suzhou. Operations comprise a production facility, a state-of-the-art R&D centre, a warehouse and offices.
"The outlook for the silicone sealants and adhesive market – and indeed for our business in China – is promising," said Mike Campion, Regional Manager Asia/Pacific. "With the acquisition of Crevo-Hengxin, we will increase our know-how in this key technology, and expand our local production capabilities. We can immediately leverage the business potential of the new product lines by exploiting the cross-selling synergies offered by Sika’s extended distribution channels. We look forward to a successful joint future, and would like to extend a very warm welcome to all Crevo-Hengxin employees as they join the Sika team."
