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Sika sees 6-8 pct rise in profit this year as it expands factories
January 10, 2017 / 7:26 AM / 10 months ago

Sika sees 6-8 pct rise in profit this year as it expands factories

ZURICH, Jan 10 (Reuters) - Sika AG said it expects to boost sales by 6-8 percent this year, with operating profit growing even faster, as the adhesives maker opens six to eight new factories and three to four new national subsidiaries.

The Swiss company said sales in local currencies rose 5.6 percent to 5.75 billion francs ($5.68 billion) in 2016, slightly below analyst expectations of 5.79 billion francs.

Though it did not release profit figures, Sika said in a statement on Tuesday it expects an operating profit of 780 million francs to 800 million francs for last year.

Sika has been growing revenue through factory openings and takeovers despite being locked in a bitter clinch with members of the company’s founding family over their plans to sell a controlling stake to France’s Saint Gobain.

Sales growth in North America was fastest, at 7.8 percent in local currencies, Sika said. ($1 = 1.0123 Swiss francs) (Reporting by John Miller; Editing by Gopakumar Warrier)

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