Sika AG said Tuesday that it is acquiring Faist ChemTec Group, a German manufacturer of acoustic solutions for the automotive industry.
The Swiss maker of construction and automotive chemicals said that the acquisition would strengthen its position as a supplier for car makers, while also helping it gain knowledge in acoustic technology for the construction and white-goods markets.
Neither company disclosed the value of the transaction.
“The acquisition fits perfectly with our growth strategy and will significantly enhance our product offerings and technology base for acoustic damping solutions in the automotive market,” Sika Chief Executive Officer Paul Chuler said.
Faist ChemTec specializes in products that eliminate or reduce low-frequency background noise in cars. With six production sites in Europe, North America and Asia, it generates annual sales of 190 million Swiss francs ($193.7 million) and employs 840 people worldwide.
By Marc Navarro
Source: MarketWatch
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