Sika AG has acquired Iotech Group Ltd., a manufacturer of polyurethane liquid membranes for roofing and waterproofing, and parent company of U.S.-based Liquid Plastics Inc.
Terms of the acquisition were not disclosed.
Iotech, formerly a privately held company, said its revenue for 2008 totaled $55 million. The company’s membranes are used mainly in the restoration market for small- to medium-sized roofs. Iotech also manufactures hygienic wall coatings used in clean-room applications.
Sika said the acquisition substantially expands its technology and market capabilities in polyurethane liquid membranes for roofing.
In the U.S. Iotech’s Liquid Plastics Inc. business holds a significant market position in liquid membranes for roofing and waterproofing applications, which Sika said fits well with its construction business activities in roofing and in materials for joint sealing and concrete repair and protection. Liquid Plastics operates a production facility in Middletown, CT. Sika said it will integrate Liquid Plastics into its Construction Products Division.
Sika AG, based in Baar, Switzerland, is a manufacturer of sealing, bonding, damping, reinforcing, and protective materials for the construction market.