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France's Saint-Gobain eyes 2 bln eur in bolt-on acquisitions by 2020
May 17, 2017 / 4:41 PM / 7 months ago

France's Saint-Gobain eyes 2 bln eur in bolt-on acquisitions by 2020

PARIS, May 17 (Reuters) - French building supplies group Saint-Gobain is eyeing 2 billion euros ($2.23 billion) in bolt-on acquisitions over the next four years, a strategy which it sees as compatible with its planned takeover of Switzerland’s Sika.

Saint-Gobain remains committed to a 2.75 billion Swiss francs transaction agreed on in 2014 to take over Sika by buying out the controlling stake held by its founders.

The move was contested by the family but upheld by a court in Zug.

In a strategic plan covering the years 2017-2020 announced in Paris on Wednesday, Saint-Gobain Chief Executive Pierre-Andre de Chalendar said the future acquisitions would help the group refocus on supplying materials to the industry and housing interior sectors.

Meanwhile, the group also plans to divest assets for at least 1 billion euros and cut costs by a minimum of 1.2 billion. ($1 = 0.8979 euros) (Reporting by Gilles Guillaume; Writing by Matthias Blamont; Editing by Richard Balmforth)

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