BRUSSELS (dpa-AFX) - Sika AG (SKFOF, SIKA.SW), a specialty chemicals company, on Friday announced that it has acquired the construction chemical company in Qatar, Gulf Additive Factory LLC, for undisclosed terms.
GAF's modern facility enables Sika to expand in Qatar and surrounding markets.
The addition of locally made products like the Exterior Insulation and Finish System Or EIFS system, supports the growing demand for energy-efficient buildings. The move will also help cut costs by bringing operations under one roof, Sika added.
The positive outlook is backed by Qatar National Vision 2030, which aims to diversify the economy and emphasizes social and environmental development.
Gulf Additive Factory or GAF, is known for its high-quality products and strong technical expertise. It produces a wide range of items such as concrete admixtures, mortars, flooring, waterproofing, and facade systems at a facility near Doha.
The construction market in Qatar is anticipated to grow at a CAGR of over 4% annually through 2028, driven by major investments in energy, utilities, transport, healthcare, tourism, and manufacturing.
In Switzerland, Sika closed Thursday's regular trading, 0.14% lesser at CHF 215.50.
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