Saint-Gobain through its Mortars business (Construction Products) has signed an agreement with the listed company NSL in order to acquire E-Mix, a regional leader in mortars and dry mixes in South-East Asia. E-Mix provides solutions in tile adhesives, plastering mortars, masonry products and technical mortars in Hong Kong, South-East China, Singapore and Malaysia. It had sales of around €70 million in 2015.
This transaction will be carried out based on a price of SGD 160 million (about €104 million), representing 6.6 times 2015 adjusted EBITDA.
This acquisition is in line with the Group’s strategy of expanding its presence in emerging countries and will give the Mortars business, which is already operational in China, Malaysia, Vietnam, Thailand and Indonesia under the Weber brand, a leading position in the region, complementing both its geographical presence and its portfolio of applications.
The acquisition will close after completion of the procedures required by the Singapore Market Authorities, where NSL is registered.
