Sika: Results in the First Quarter
In the first quarter of the current business year, Sika AG, Baar, Switzerland, lifted sales by 24.7% in local currencies, including an acquisition effect of 6.6%. Factoring in the negative impact (-10.4%) of currency exchange movements, sales increased by 14.3% in Swiss francs to CHF 1 021.2 million compared to CHF 893.6 million in the first quarter of 2010.
As in the previous year, the company also benefited in the first quarter from strong demand from the emerging countries. Reporting double-digit growth, North America made a significant contribution to the good result. Construction activity in the Regions Europe North and North America was stimulated by a somewhat mild winter compared to the previous year. The individual Regions achieved the following growth rates in local currencies: Europe North 22.8%, Europe South 8.6%, North America 29.5%, Latin America 26.0%, IMEA (India, Middle East, Africa) 9.4%, Asia/Pacific 61.8%. In North America and Asia acquisitions had a significant impact on growth.
In the first quarter of 2011, both products for the construction industry and products for industrial manufacturing witnessed substantial demand. In local currencies, Sika increased sales of products for the construction industry by 27.0%, 8.5% of which is attributable to acquisitions. Sales of products for industrial manufacturing were up 17.1% in local currencies, including an acquisition effect of 0.3%.
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