Sika’s sales in the Americas rose 14.0% year on year in local currency terms in the first nine months of 2023 – although rising rates of inflation, high interest rates, and an increasing shortage of specialist labour weighed on construction markets, said the company.
Sentiment in the region’s largest market, the US, has improved generally as a result of infrastructure projects, supported by state subsidy programmes and projects planned in the context of reshoring of manufacturing facilities and the 2022 Inflation Reduction Act (IRA), Sika said.
In July, Sika acquired Thiessen Team USA, a manufacturer of shotcrete and mortar products for the US mining sector. Thiessen supplies mining companies in the west of the US, which among others supply the growing electro-mobility industry with critical minerals.
The takeover of Thiessen should open up “significant cross-selling potential”, Sika said.
Overall, the company’s nine-month sales rose by 12.4% in local currencies, with double-digit growth in all regions, driven by the newly acquired MBCC business, as well as the company’s “innovative products and solutions”, it said.
For the full 12 months of 2023, Sika expects its total sales, in local currencies, to rise by more than 15%.
We remnd, Sika disclosed a new “Strategy 2028”, with 6-9% annual sales growth, in local currencies. For a comparison, the International Monetary Fund (IMF) has projected global GDP growth of only 3% for 2023 and 2024 and signalled that growth may be muted through to 2028. Sika’s sales growth target until 2023 was 6-8%.
mrchub.com