Saint-Gobain of France announced that it has reached an agreement to acquire Dubai-based construction chemicals company FOSROC for approximately 960 million euros (about 1.03 billion dollars) to drive its international expansion.
Saint-Gobain stated that the transaction will be entirely paid in cash and is expected to be completed in the first half of 2025.
To expand its global influence in the construction chemicals sector, Saint-Gobain has been actively seeking acquisition opportunities outside Europe.
Since 2021, the Paris-based multinational has acquired 35 companies including Chryso and GCP, all operating in this field.
Saint-Gobain CEO Benoit Bazin stated in a declaration that the acquisition of FOSROC, based in the UAE, will enable the group to expand its business in high-growth markets such as India and the Middle East.
Saint-Gobain expects to achieve a synergy effect of 54 million dollars in the third year after the completion of the transaction.
