Thursday, 8 Dec 2022

Sika AG Raises FY22 Outlook; Confirms Proposed MBCC Acquisition As Strategic Fit

Intermission Drinks Get an Upgrade at Lincoln Center

Don Lee, of PDT, and Amy Racine, of Iris restaurant, have created cocktail and wine menus for David Geffen Hall.

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By Robert Simonson

Sample Noodles From Across China

The online retailer Mala Market brings back a popular sampler pack of regional noodles, a memoir with a cassoulet angle, and more food news.

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By Florence Fabricant

Opinion | Boys and Men Are in Crisis Because Society Is

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By Michelle Goldberg

Opinion Columnist

German Exporters’ Expectations Fall To 28-Month Low : Ifo

Confidence among German exporters deteriorated further in September to reach its lowest level in more than two years and the trend is likely to continued amid a slowdown in the global economy, survey results from the ifo Institute showed on Tuesday.

The ifo Export Expectations index slipped to -6.0 points from -2.8 points in August. This was the lowest score since May 2020. The index fell for the fourth month in a row.

“There is currently no sign of growth in exports and, as the global economy is slowing, there is also no reason to expect any major change in the medium term,” ifo Institute President Clemens Fuest said.

Export expectations fell across all manufacturing industries. The chemical and furniture manufacturers indicated the most negative expectations.

For the next three months, the metal industry has become considerably more pessimistic about exports.

Meanwhile, beverage and automotive manufacturers expect a rise in exports in the coming months.

Legal & General Backs FY22 Operating Income Outlook

Legal & General Group Plc (LGEN.L), a British financial services and asset management firm, said on Tuesday that it has reaffirmed its operating income guidance for the fiscal 2022, amidst a continuing positive momentum seen in the first-half.

The company still expects to deliver full-year operating profit growth in line with the 8 percent growth delivered in the first-half with an annual capital generation of 1.8 billion pounds.

For the first-half, the Group had posted an operating profit of 1.160 billion pounds.

Sir Nigel Wilson, Group Chief Executive, Legal & General said: “Our businesses are resilient, and we are on track to deliver good growth in key financial metrics for FY 2022. Rising interest rates are having a positive impact on demand for PRT, and on our EPS and solvency coverage ratio. Our balance sheet and liquidity position remain strong, and our businesses are highly cash generative.”

Holcim Buys Polymers Sealants North America From Illinois Tool Works

Holcim Group (HCMLY.PK,HCMLF.PK), a Swiss building materials maker, Tuesday said it has completed the acquisition of the Polymers Sealants North America or PSNA division of Illinois Tool Works Inc. (ITW).

PSNA is a provider of coating, adhesive and sealant solutions with 2022 estimated net sales of $100 million. It has more than 150 employees and manufacturing plants in California, Arizona, Texas, Georgia and Massachusetts.

The deal accelerates Holcim’s growth in Solutions & Products, especially in waterproofing and coatings, to reach 30% of Group net sales by 2025.

The acquisition adds to Holcim’s other recent acquisitions in roofing and insulation, from Firestone Building Products, Malarkey Roofing Products to SES. Pro-forma net sales for Holcim’s roofing and insulation business are on track to reach 3.5 billion Swiss francs for 2022.

Jamie Gentoso, Head Solutions & Products, said, “With PSNA we are broadening our waterproofing and coatings offering while delivering significant synergies with our roofing business. … By expanding our building envelope offering, together we can play a bigger role in providing innovative and sustainable solutions for energy-efficient buildings.”

Sika AG Raises FY22 Outlook; Confirms Proposed MBCC Acquisition As Strategic Fit

Sika AG (SXYAY.PK,SKFOF.PK), a Swiss specialty chemical company, said on Tuesday that it has revised up its guidance for fiscal 2022.

In addition, it has also confirmed the proposed acquisition of MBCC Group, the former BASF Construction Chemicals, as strategic fit for the company.

For fiscal 2022, the chemicals firm now expects sales in local currencies to rise by over 15 percent, with an over-proportional increase in earnings before interest and tax or EBIT.

Earlier, Sika had projected its sales to increase by well over 10 percent in local currencies – surpassing CHF 10 billion for the first time with an over-proportional rise in EBIT.

For the fiscal 2021, the company posted EBIT of CHF 1.39 billion, on net sales of CHF 9.25 billion.

Regarding the proposed acquisition of MBCC, Sika said it has already received unconditional approval from the authorities in most jurisdictions, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand.

The acquisition is significantly value-enhancing and Sika has confirmed annual synergies of CHF 160 million to CHF 180 million.

The company has also launched a process to look for a competent buyer for part of MBCC’s admixture business.

It was in November 2021 that Sika announced its deal to buy MBCC from an affiliate of Lone Star Funds, for CHF 5.5 billion or 5.2 billion euros.

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