Sika AG / SIKA'S FIRST FACTORY IN SENEGAL STARTS OPERATIONS . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Sika is continuing to expand its production capacity in West Africa with the opening of a concrete admixture factory in Senegal. The new plant is the first in the country and will be further expanded with the addition of a mortar production facility in due course. With a total of 19 national subsidiaries and 20 factories, Sika has a strong presence in Africa.
Ivo Schädler, Regional Manager EMEA: "Senegal is one of the fastest growing West African countries, and we are gaining an early foothold in these growth markets. Large-scale investment projects in infrastructure, transport, energy and water plus recently discovered oil reserves are making a crucial contribution to the emerging country's development. Our growth strategy in Africa has paid off. Over the last five years we have increased sales by more than 18% per year."
ACCELERATED ECONOMIC GROWTH
Senegal has one of the strongest growth rates of any sub-Saharan African country. Its economy has grown by an average annual rate of 6.5% in the past two years. The forecast for 2018 is 7%. Growth is being driven by the "Plan for an Emerging Senegal" which was launched in 2014 and runs until 2035. Its aim is to boost urban centers with significant economic potential through infrastructure projects and other measures.
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SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry. Sika has subsidiaries in 101 countries around the world and manufactures in over 200 factories. Its more than 18,000 employees generated annual sales of CHF 6.25 billion in 2017.
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Source: Sika AG via Globenewswire