Propex Holding, LLC announced the sale of its global concrete division, Fibermesh, to Sika. Sika is a supplier of specialty chemical products and industrial materials serving construction and industrial markets.
Fibermesh manufactures a complete line of fiber solutions to deliver reinforced concrete from its Chattanooga-based plant. Fibermesh employees located in North and South America, the United Kingdom and Australia will join the Sika team.
“Sika is a diverse global company fully vested in the concrete industry. It has a solid record of commitment to its acquired companies, investing in the long-term achievements of its people, products and assets,” said Michael Gorey, CEO of Propex.
“We are very pleased to complete this transaction and are confident that Sika will continue to advance the mission of the Fibermesh brand,” said Mr. Gorey.
"Propex and Sika have had a growing relationship for the past five years. Global improvements in our Fibermesh products, market development and production efficiencies made Sika’s acquisition of Fibermesh a homerun," officials said.
“The acquisition of the global Concrete Fibers business of Propex and the Fibermesh brand is a great fit with Sika’s current portfolio. It brings even greater value to existing and new Sika customers within the ready-mix and precast concrete market,” said Christoph Ganz, regional manager Americas for Sika. “The Fibermesh brand is the industry standard for quality and performance. As part of Sika, we see enormous growth opportunities for Fibermesh, especially in our solutions for construction in big city environments and for our Tunneling & Mining business. We are very happy to welcome the Fibermesh employees to our Sika team.”
"This sale allows Propex greater commitment to its remaining business units, especially our growing GeoSolutions and Carpet Backing divisions located in Ringgold and Chattanooga," officials said.