Saint-Gobain to acquire Mexican construction chemicals company Ovniver Group for $815 million

Saint-Gobain has entered into a definitive agreement to acquire Ovniver Group, a leading privately held construction chemicals company in Mexico and Central America, for $815 million in cash.

Following the acquisitions of Chryso, GCP and FOSROC (in progress), this move is another strategic step for Saint-Gobain in establishing its global construction chemicals presence, with total sales of approximately €6.5 billion in 76 countries upon completion.

Ovniver Group is a leading construction chemicals company with a strong commercial and industrial presence in the high-growth Mexican and Central American markets. With 16 manufacturing plants and approximately 1,000 employees, Ovniver Group offers a wide range of innovative solutions for the residential and non-residential construction markets, including exterior coatings, tile adhesives, waterproofing and surface treatment mortars.

The acquisition will be paid in full in cash. Taking into account the acquisition of CSR Limited, FOSROC and Ovniver Group, the Group will maintain a strong balance sheet with Net Debt/EBITDA remaining within the target range (1.5x to 2.0x). Closing of the transaction is subject to customary conditions and is expected to be completed in the first half of 2025.

Benoit Bazin, Chairman and CEO of Saint-Gobain, said: "The acquisition of Ovniver Group fits perfectly with our 'Growth & Impact' strategic plan. This is an excellent opportunity for Saint-Gobain to further consolidate its position in construction chemicals and strengthen its position in high-growth markets. I have been impressed by Ovniver Group's leadership, strategy and outstanding growth development as well as the team's excellent execution record. The combination of the two groups will drive the rapid expansion of our profitable growth platform in construction chemicals. I look forward to warmly welcoming the Ovniver Group team to Saint-Gobain."

Hector Abella, CEO of Ovniver Group, said: "Today marks the 30th anniversary of the establishment of Ovniver Group. The beginning of an exciting new chapter in the Group’s history. Our focus on providing the best solutions and customer satisfaction has made us a leading player in this field in Mexico and Central America. I would like to thank all our teams for their excellent work over the years. Joining Saint-Gobain, a world leader in lightweight and sustainable construction with a well-established presence and strategy in Mexico and a global player in construction chemicals, is the perfect next step for us. It will enhance our offering by leveraging Saint-Gobain’s innovations and technologies in construction chemicals. I look forward to continuing our growth journey at Saint-Gobain. ”