Sika agrees to sell admixture assets to INEOS
A logo is pictured in the headquarters of INEOS chemicals company in Rolle, Switzerland, November 13, 2017. REUTERS/Denis Balibouse/Fileshas agreed to sell part of its admixture business to UK-based chemical and energy group INEOS, the Swiss construction chemicals maker said on Monday, clearing the way for its 5.5 billion Swiss franc acquisition of the former BASF Construction Chemicals business .
"The agreement with INEOS Enterprises marks a key milestone in Sika's acquisition of MBCC Group," said Sika Chief Executive Thomas Hasler in a statement.No cash amount was disclosed for the sale, although Sika said the businesses sold were less profitable than the rest of the MBCC business it is keeping.
The business being sold generated sales of around 920 million Swiss francs last year. It includes production sites and offices in 36 countries with more than 1,600 employees.
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