Sika (Baar, Switzerland) acquired HPS North America, the U.S. distributor of Schönox.
The chemical company previously held a minority participation in HPS and is now acquiring the remaining stake.
HPS distributes Schönox branded products in the United States, which are manufactured by Sika Germany.
Since its acquisition of Parex in 2019, Sika has been increasing its presence in the building finishing segment in the U.S.
“With the integration of the HPS business into our US organization, we will be able to go full speed ahead in developing our business relationships and distribution networks in the building finishing area,” Sika Regional Manager Americas Mike Campion said in a statement. “We are looking forward to combining our sales and marketing expertise to best serve our customers and warmly welcome the HPS employees to our Sika team.”
Key executives with TMT America, the company that sold HPS, will work with Sika management in a transition phase for the next few months.
“We promised Schönox GmbH in Germany that we would make the Schönox brand top-of-mind and trusted by flooring professionals, readily available from coast to coast, and supported by an outstanding technical and logistics team,” TMT America President Thomas Trissl said in a statement. “Having reached these critical milestones and with an infrastructure positioned for growth firmly in place, it was the optimal time to transition the business to Sika.”
