Sika Acquires Egypt-Based Modern Waterproofing Group
Sika recently announced that it has acquired Modern Waterproofing Group, a manufacturer of roofing and waterproofing systems in Egypt. The acquisition reportedly supplements and rounds off the product portfolio of Sika Egypt and offers new opportunities for growth in the Egyptian construction market. The acquired business generates annual sales of CHF 26 million (approximately $27 million).
Modern Waterproofing is based in Cairo with a production facility in Badr City. It manufactures solutions for the waterproofing and roofing markets, focusing on a range of modified bitumen membranes. As complementary products, the company also offers liquid coatings and insulation boards.
The acquisition will extend and complete Sika Egypt’s offering of roofing, waterproofing, and building envelope systems. Sika expects that the production site will strengthen its local supply chain and technical know-how, as well as offer the possibility to efficiently serve other African countries.
“Modern Waterproofing will enhance our market access to various customer segments both in direct sales and through the distribution channels,” said Ivo Schädler, Sika’s regional manager for EMEA. “This will open up promising cross-selling opportunities in the area of waterproofing and roofing. The expanded product portfolio will significantly strengthen our position in the Egyptian construction market. We would like to welcome the employees of Modern Waterproofing to our Sika team and look forward to growing our business together.”