Saint-Cobain on Tuesday announced the acquisition of Kaycan for $ 928 million (approximately 860 M EUR), the North American family-owned business building and exterior cladding manufacturer and distributor, leading in cladding.
Kaycan, which employs 1,300 people at 12 manufacturing sites in the United States and Canada, “plays a key role in refurbishment products,” particularly Benoit Pasin, CEO of St. During a brief interview with Cobain reporters.
The acquisition is expected to be finalized “by the end of 2022”, which is in line with the strategy of the French team, which wants to invest in sustainable construction and develop in North America. Basin underlined.
In total, Saint-Gobain’s turnover in the United States will cross $ 10 billion by 2022, against $ 6.5 billion in 2018, he noted.
Saint-Gobain plans to sell 10 distribution agencies owned by Kaycan in the United States, with an annual revenue of $ 70 million.
In Canada, the group will maintain all of Kaycan’s strong presence, especially as its “solid and integrated” distribution network will be used to distribute Saint-Gobain products. Pasin noted.
The withdrawal action is funded in cash. “This is the second time in a year since Chryso that we have launched a counter-procurement operation,” said French President of the Department of Construction Chemicals, Mr. Pasin pointed out.
“We went to this family company founded in 1974 because of the” proper alignment of the functions of the two groups, “he said.
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