It has now been one year since we officially closed the Parex acquisition on May 23, 2019.
Since then we have seen great work across all companies, ranks, and Target Markets. Teamwork has been demonstrated in an unprecedented manner and everybody is working towards the same goal - to be one successful company and to achieve outstanding results.
More than 500 initiatives are being tracked. These initiatives ensure the full exploitation of the synergy potential, with forecast synergies of CHF 80-100 million in the upper range of the bandwidth. In procurement alone, our secured savings have already reached CHF 14 million.
At closing, 38 brands were added to the Sika portfolio, amongst them successful brands such as Davco, Revear, Klaukol, Parexlanko, and Seifert. The integration work has started strongly and the dual branding has already been introduced. We are seeing new initiatives everywhere: 34 new products launched in more than 10 countries, 48% of the total synergy initiatives are in cross-selling, and more than 35 initiatives for operational synergies have been started.
Congratulations to the countries for the excellent progress made to date. Despite the ongoing pandemic, your work has been even faster and more focused. Everyone has demonstrated great teamwork and a strong determination to overcome the numerous challenges. This commitment will ensure our common future success. Let's welcome all Parex employees to our Sika family!
Sika AG published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2021 22:53:07 UTC.