Wacker Chemie to buy majority stake in China's Sico for $140 million
November 1, 2021 at 9:40:04 AM
Wacker Chemie will buy a 60% stake in Chinese rival Sico Performance Material for about 120 million euros ($139.66 million), the German chemical company said on Wednesday.
Sico makes specialty components for high-performance adhesives, sealants and coatings called organofunctional silanes and is one of the leading suppliers of the ingredient in China, Wacker Chemie said.
“Wacker also has decades of experience in this field. Up to now, however, we have manufactured organofunctional silanes exclusively in Germany,” CEO Christian Hartel said in a statement.
Wacker Chemie said it will fully consolidate Sico in its financial statements after the all-cash transaction, which should close in the first half of 2022.
- Reuters -
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