Sika signs deal to buy Resonac's adhesives business, with completion expected in 2027
Key Facts
Sika has signed an agreement to acquire the adhesives business of Japan's Resonac, which primarily serves automotive customers in Asia, according to Swiss news agency Keystone via SWI swissinfo. The target business includes production and distribution sites in Japan, China and Taiwan, placing the operations covered by the deal within a regional automotive supply chain. Financial terms of the agreement to buy the Japanese company's adhesives business were not disclosed. The agreement to acquire the industrial business comes as Sika's Asia-Pacific operations face pressure linked to Chinese construction, according to its first-half results. Also in adhesives, the company previously completed the acquisition of Turkey's Akkim, a specialist in adhesives, insulation materials and sealants.
According to its first-half 2026 results announcement, Sika reported sales of 5.59 billion Swiss francs, down 1.5% in Swiss franc terms. The group, however, recorded organic sales growth of 2.9% over the same period. Acquisitions contributed 1.1% to sales growth, according to the company's breakdown of its first-half performance. The agreement to buy Resonac's business thus followed a period in which acquired businesses contributed to the group's sales growth alongside organic growth. Reported sales in Swiss francs moved in a different direction from organic growth, with the former declining while organic business increased over the same period.
In Asia-Pacific, Sika's sales in local currencies fell 2.0% in the first half of 2026, compared with a decline of 1.7% in the corresponding period of 2025. The company attributed weakness in Chinese construction activity to "continued weakness in residential construction," as it put it in the results announcement. The region's performance differed when China's construction business was excluded, however, with organic growth on that basis reaching 7.7% in the first half. This regional performance places the Resonac agreement in a context combining declining sales in local currencies with organic growth outside Chinese construction. The business being acquired primarily serves Asian automotive customers, while Sika's explanation for weak Chinese construction focused on the residential sector.
The acquisition of Turkey's Akkim provides further background to Sika's moves in adhesives, with the group announcing the completion of its purchase of the company, which also specialises in insulation materials and sealants. Akkim generated net sales of approximately 220 million Swiss francs in 2025, according to Sika's statement on the completion of the acquisition. The Turkish company's distribution network is concentrated in Eastern Europe, Central Asia, the Middle East and North Africa, according to the same statement. Sika said it aimed to use the expanded production capacity associated with the deal to establish a "manufacturing and export hub" for adhesives and sealants to support long-term growth. This geographic footprint gives the Akkim deal a different scope from the targeted Resonac business, whose production and distribution sites are in Japan, China and Taiwan.
Sika raised its forecast for revenue growth in local currencies during 2026 when it announced its first-half results, to a range of 3% to 6%. This replaced its previous forecast of 1% to 4%, according to the company's announcement. The revision raised both the lower and upper ends of its annual growth forecast, as first-half results showed contributions from organic growth and acquisitions. In the same announcement, the group forecast a full-year earnings before interest, taxes, depreciation and amortisation margin of between 19.0% and 19.5%. The updated revenue forecast relates to performance in local currencies, while the company specified an expected margin range for the group's earnings during the year.
On cost reductions, Sika said in its first-half results announcement that its acceleration programme was on track to deliver savings of 80 million Swiss francs in 2026. These expected savings are part of the programme whose progress the company outlined alongside its updated annual revenue and earnings margin forecasts. The group set 23 October 2026 as the date for announcing its results for the first nine months, the next financial reporting milestone after its first-half results. The results date precedes the expected completion of the agreement to buy Resonac's adhesives business, which remains at the agreement stage. According to Swiss news agency Keystone via SWI swissinfo, the acquisition is expected to be completed in mid-2027.