Saint-Gobain and the Burkard family have decided to amend their agreement relating to the sale of shares of Schenker-Winkler Holding – which holds the majority of Sika voting rights – and to extend the validity of the agreement until June 30, 2017.
Saint Gobain will then have an option to extend the agreement until December 31, 2018. Pierre-André de Chalendar, Chairman and CEO of Saint-Gobain stated, “Together, we are fully committed to this transaction. It makes sense from a strategic, industrial and financial standpoint for Saint-Gobain and for Sika, for their employees, for their customers and for all of their shareholders. The amendment to the agreement covers the longest of timelines to resolve related disputes, allowing SWH to regain its property rights. We are aware of the uncertainty and strain felt by Sika employees during this complex time and would like to reassert our commitment to safeguard the culture and the personnel of this outstanding company.”
Urs Burkard said, “The extension to the agreement to sell reflects the family’s alignment with Saint-Gobain, which it sees as the best controlling shareholder to accelerate the development of Sika and secure its future. No alternative to this transaction is being or will be considered.”