PARIS (AFP) – The French Saint-Gobain construction materials group said yesterday it would buy United States (US)-based GCP Applied Technologies to consolidate its position on the global construction chemicals market.
Saint-Gobain said in a statement it would acquire all of the outstanding shares in GCP in a transaction valued at around EUR2 billion (USD2.3 billion).
“This acquisition is a decisive step in establishing Saint-Gobain’s leading position worldwide in construction chemicals with total sales of more than EUR4 billion (up from EUR3 billion),” the statement said.
In May Saint-Gobain bought the French-based Chryso, which also specialises in construction chemicals, for EUR1.2 billion.
Chryso has “strong positions” in Europe, the Middle East and Africa, while GCP has footprints in the Americas and the Asia-Pacific region, Saint-Gobain said.
GCP, which boasts USD1 billion in revenues, has 50 manufacturing plants in 38 countries, the French company said.
The US company specialises in cement additives, concrete admixtures, infrastructure and commercial and residential waterproofing.
“GCP is a unique opportunity for Saint-Gobain to establish a leading worldwide presence in the growing construction chemicals sector,” Saint-Gobain said.
Saint-Gobain expects the transaction to be completed by the end of next year, depending on GCP shareholder approval and the green light from regulators.