Baar, Switzerand -- Sika Corp. has acquired the Greenstreak Group Inc., in a transaction that closed on 1 July 2010.
Greenstreak, with headquarters in St Louis, Missouri, has annual revenues of about $30 million.
Swiss group Sika AG said that it expects its US subsidiary's acquisition to "further strengthen its leadership position in the North American construction industry, particularly in the area of engineered waterproofing."
Sika said that Greenstreak has been manufacturing high-quality, high-value products for the construction industry, including engineered waterstops and joint seals, doweling systems, architectural form liners, pipeline protections, and a wide range of forming accessories, since the 1950s.
According to Sika, Greenstreak has achieved a leading position in waterstops and watertight system solutions for concrete construction in North America. "Its efficient production facility in St Louis, brings strong manufacturing technology and expertise to Sika North America," the group's 2 July statement said.
Greenstreak also brings to Sika a strong brand, respected in the civil engineering and architectural communities, the company said. Following Sika's acquisition of Tricosal in Europe in 2008, Greenstreak gives Sika ownership of "three globally strong engineered waterstop brands: Sika,Tricosal and Greenstreak," the company said.
Once the deal is completed, Greenstreak, which has about 100 employees, will operate as a Sika subsidiary and be managed by the existing Greenstreak management team. Sika Corp. is based in Lyndhurst, New Jersey.