Logos courtesy of Saint-Gobain
French construction materials manufacturer Saint-Gobain has finalized a $1.025-billion cash deal to purchase Dubai-based construction chemicals company Fosroc. The acquisition, announced last year, follows 33 other purchases by Saint-Gobain to advance its presence in the chemicals sector.
According to a Feb. 10 press release, Fosroc will be consolidated into Saint-Gobain’s “high performance solutions” business, adding 20 chemical manufacturing plants across the Middle East, India and Asia-Pacific to the segment and expanding its head count with around 3,000 employees.
Producing a wide range of admixtures and additives for concrete and cement, adhesives and sealants, Fosroc generated an estimated $487 million in sales last year, with average annual growth of around 11% since 2021, say company representatives. Adding Fosroc to Saint-Gobain’s portfolio is expected to boost its revenue to $6.8 billion in construction chemical manufacturing revenue across 76 countries.
Saint-Gobain Chairman and CEO Benoit Bazin remarked last June in announcing the deal that he was “very impressed” with Fosroc’s leadership. The former UK company has been owned by a Dubai-based business since 2002.
“The acquisition of Fosroc is perfectly aligned with our ‘Grow and Impact’ strategic plan: it is a
unique opportunity for Saint-Gobain to further reinforce its worldwide presence in construction
chemicals, and to strengthen its presence in high-growth emerging markets, in particular in India
and the Middle East,” said Bazin. “The combination of the two groups will allow us to expand our profitable growth platform in
construction chemicals.”
Fosroc CEO Rob Bonnici added, “The opportunity to join Saint-Gobain, worldwide leader in light and sustainable construction and a global player in construction chemicals, is the perfect next step to enhance our offer by leveraging Saint-Gobain’s innovation and technology in construction chemicals.”
Emell Derra Adolphus has more than a decade of writing and journalism experience. He is senior editor of ENR’s Top Lists and Survey Rankings at ENR magazine and frequently contributes stories on technology, climate resiliency, diversity, equity and inclusion.
Source : Enr.com
