ZURICH- Sika is targeting five to six acquisitions this year, Chief Executive Paul Schuler told Reuters on Tuesday, as the Swiss company looks to consolidate in what it hopes will be an easier market to conduct M&A after the coronavirus.
"Coronavirus has made it more difficult to go and meet people," said Schuler after Sika reported a 2.9% fall in its full year sales as the strong Swiss franc reversed revenue increases in local currencies.
"The market is very fragmented, and we are looking at companies with sales in the 50 to 100 million Swiss franc range. We are open and keen to do bigger deals, but that is not a priority."
(Reporting by John Revill) ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))
