Swiss-based chemical company Sika has announced plans to acquire Belineco, a Belarus-based polyurethane foam maker.
The acquisition allowed Sika to expand its expertise in the production and development of polyurethane foam and to enable both companies better access to Eastern European trade distribution channels. Belineco has annual sales of approximately 20 million Euros. The transaction is still subject to approval by antitrust authorities.
Belineco is located in the city of Brest. Brest is the westernmost free economic zone in the country. It borders Poland and is an important area between the European Union and its eastern neighbors. The company has accumulated strong momentum in the past few years, establishing a solid market position in Belarus and Russia. Its manufacturing plant produces polyurethane foam and a range of other products that are sold through trade distribution channels in Eastern Europe.
The acquisition complements the acquisition of Polypag, a Swiss polyurethane foam maker last August. It will also enhance Sika's product supply and increase store penetration, as well as open up cross-selling opportunities for Belineco foam in Sika's roof and façade systems.
"The acquisition of Belineco will strengthen our sealing and bonding business in Eastern Europe and open up exciting new cross-selling opportunities. Improved trade distribution channels will increase our market in the region," said IvoSchädler, Sika Europe, Middle East and Africa Regional Manager. Penetration and driving continued growth for both companies. We are excited to welcome Belineco employees to the Sika team and are excited to grow our business together. "