News from Sika regarding its 2020 financial results attracted the most reader attention last week (Sika Reports Strong 2020 Results Despite Pandemic-Related Challenges): “Sika recently announced its results for 2020, a year characterized by the deep-rooted global challenges caused by COVID-19. Lockdowns (prolonged, in many cases) in most of the hundred countries in which Sika is active resulted in significant restrictions on construction activity. According to Sika, its strong market position and the swift, targeted implementation of measures enabled the company to record solid sales figures despite the significant repercussions of the global pandemic.
The company’s growth trajectory was reportedly extended with a rise in sales of 3.4% in local currencies. The acquisition effect amounted to 7.2% and contributed to the sales increase accordingly. A strongly negative currency effect (down 6.3%) caused sales in Swiss francs to decline by 2.9% to CHF 7.9 billion (approximately $8.9 billion), which includes a negative currency impact of around CHF 500 million (~ $562 million). When the fourth quarter is viewed in isolation, Sika achieved growth in local currencies of about 5.5% (organic, 4.1%).
“‘The 2020 fiscal year was overshadowed by the global coronavirus pandemic, which had a number of serious repercussions for the construction and automotive sectors,’ said Paul Schuler, CEO. ‘Thanks to the strong motivation of our employees and their pronounced customer focus, Sika managed to perform successfully in this highly challenging market environment and achieve above-average results. We remain very well positioned in what is still a difficult environment—thanks to our innovative products and solutions, as well as to our employees, who continue to deliver their utmost even in times such as these. On behalf of Group Management, I would like to thank our global workforce of 25,000 people for the tremendous dedication they have shown and for the unique way they identify with our company.’”
How has COVID-19 impacted your business? I’d love to hear from you! Please contact me at (248) 786-1704 or suttons@bnpmedia.com to share your story.
Top 5 News that Sticks for January 17-23
- Sika Reports Strong 2020 Results Despite Pandemic-Related Challenges
- Henkel Invests in MRO Startup Feelit #3 last week
- ICP Building Solutions Acquires Gardner-Gibson
- DuPont Board Approves Separation of Nutrition & Biosciences Business through Exchange Offer #2 last week
- Fields Joins Maroon Group Southeast CASE Team
This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.
