Mapei has announced that it has signed an agreement with the Henkel Group to acquire all adhesives and building products under the Ceresit and Thomsit brands in South Korea, further sustaining its aggressive global expansion programme.
A manufacturing facility in Chungcheongbuk-do and head offices in Seoul were also opened to support the latest acquisition.
The company now has 68 subsidiaries and 58 manufacturing facilities in 27 countries spanning five continents. It has also increased its global workforce to over 7,500 employees.
“The acquisition of these premium adhesive and building product brands that were previously under the Henkel Group underlines our strong commitment to expand across high-growth markets,” said Mapei global development director Veronica Squinzi.
“This agreement has opened up new business prospects, and enables us to penetrate niche markets that will further strengthen our reputation as a global leader in adhesives, sealants and chemical products.
“We are leveraging our strong presence in key markets such as South Korea, which is one of the most technologically advanced countries in the world, and the UAE, which is one of the most developed countries in the Middle East, to create more opportunities for growth and to expand in other prime destinations worldwide,” said Squinzi.
The company also revealed that its revenue has increased to $2.7bn in 2010 from $2.4bn in 2009.