Sika Group (Baar, Switzerland) has made a binding offer of $344 million for AkzoNobel's Building Adhesives business, which includes Schönox and Synteko brands.
According to a press release from AkzoNobel, the company expects the transaction to be completed in the fourth quarter of 2013. All of Building Adhesive's 550 employees, its two manufacturing facilities in Rosendahl, Germany, and Damville, France, and its products and brands will transfer to Sika AG.
"Sika is looking forward to welcoming the successful team from the Building Adhesives business of AkzoNobel. The acquisition will make Sika a strong player in the interior finishing construction market and will complement our product range," Jan Jenisch, CEO of Sika, said in a statement.
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