Mexico. BASF confirmed that it has signed an agreement to acquire Grupo Thermotek, a monterrey-based supplier of waterproofing systems. The transaction is subject to approval by the relevant authorities and is expected to close in mid-2017. Both parties have agreed not to disclose the financial details of the transaction.
"The construction industry is an important segment of BASF's business in Mexico and Central America," said Dr. Michael Stumpp, Managing Director of BASF Mexicana, S.A. de C.V. and Central America. "With the acquisition of Thermotek we are driving our company's growth path and demonstrating our commitment to our customers in this region."
Grupo Thermotek is a private company founded in 1992 in Mexico. Their products are designed to offer quality on almost all types of substrates and include resinous and dispersion materials, as well as modified asphalt sheet membranes. The company has more than 200 distributors in the region and employs approximately 500 people.
With this acquisition, BASF intends to build on Thermotek's existing brands. Both companies offer complementary portfolios of construction chemical solutions and have different marketing channels.
