(PRESS RELEASE) BAAR, 6-Oct-2020 — /EuropaWire/ — Sika (SWX: SIKA), a Swiss multinational leading specialty chemicals company, has announced it is opening a new production facility in Chengdu, China. With the new production facility, Sika has further expanded its capacity in the rapidly growing mortar market in China. In addition to profiting from the strong demand, Sika can also benefit from the launch of new products and the expansion of the distributor network offering Sika solutions directly to craftsmen and DIY customers.
“The expanded mortar production in China enables us to address our customers’ needs on an even more targeted basis. With a population of 15 million people, Chengdu is one of the most important economic urban centers in Western China. Here we see a growing demand for Sika’s Building Finishing solutions due to large investments in the construction sector. The strong business trend following the corona-related lockdown shows that we are on the right track: our mortar sales have increased significantly this year despite the crisis. We will continue to expand the business and bring two additional plants onstream in the growing Chinese market over the next eighteen months,” said Mike Campion, Regional Manager Asia/Pacific
State Investment Driving Growth
China’s construction industry is expected to see further growth this year, despite COVID‐19. The expansion will be driven by major levels of investment spending on the part of the government, with investment in transportation and energy infrastructure, better intercity connections, and the reduction of environmental pollution. According to estimates, China’s construction industry is expected to grow by 6.1% in 2021, with annual growth averaging around five percent until 2029.
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SOURCE: SIKA AG