Sika AG (SIK:Swiss Exchange)

Sika AG expected to Report Fiscal Year 2009 Results on March 2, 2010. This event was calculated by Capital IQ (Created on October 30, 2009).

Sika AG is cutting 50 jobs and restructuring plants as it works to remain competitive. Sika is looking at relocating polyurethane adhesives and sealants from Gournay in France to Bad Urach in Germany and will be evaluating the site in Fredensborg, in Denmark.

Ernst Baertschi, Chief Executive Officer of Sika AG said that the firm has the potential to reach CHF 7 billion in sales by becoming the leader in all its 320 niche markets. He added that Sika’s revenue, CHF 4.6 billion in 2008, will outpace the performance of the construction-chemicals market by 4% in 2009. He also said that the firm will use both acquisitions and internal growth to expand. He noted, “We can easily invest CHF 500 million.” He also said, “We are number one in several countries, but still not in enough. That’s why we are accelerating” the company’s expansion. He added that further purchases will probably be smaller than CHF 400 million acquisition of Sarna Polymer Holding AG in 2006. He said that prices are coming down as some companies lack cash. Sika is looking to expand through acquisitions in the U.S. in areas such as waterproofing and coating for roofs and floors, as well as seeking purchases in China and Brazil. Sika bolstered its balance sheet in May with a CHF 300 million bond sale.