Sika has expanded its position in the Middle East by establishing a new national subsidiary in Kuwait.
The creation of this 94th subsidiary worldwide marks a further step forward in the implementation of Sika’s growth strategy, which aims to expand the Group’s international presence to 100 national subsidiaries by 2018.
Kuwait’s construction market is set to grow at a tremendous pace, with investments of just under USD 30 billion in the focus areas of real estate and infrastructure.
Key construction projects at national level include an airport extension and upgrade of the metropolitan transportation network, which alone account for a total investment of USD 13 billion. The new national subsidiary positions Sika perfectly to supply high quality concrete admixtures and refurbishment products directly to customers in Kuwait and to benefit from the country’s booming construction market. Sika products are already being used in the construction of a new university and several roadbuilding projects. The Kuwait market has been serviced from neighboring countries since 2010.
With national subsidiaries in 13 countries, Sika has an extensive local presence in the Middle East. In Qatar, where a subsidiary was established in 2013, Sika recently won a “mega project”. In the first phase of work on the world’s biggest concrete-reinforced reservoir, more than 350,000 m² of Sika Proof A® and Sika Proof P® membranes are being laid for waterproofing.
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.