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Sika AG (SWF:SIK) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Sika Group generated net sales of CHF 3.5 billion in the first three quarters of 2008. Sales growth in local currencies was 9.4%, in which an acquisition effect of 1.1% is included. The currency effect was negative at -5.8%. Net sales in Swiss francs thereby lay 3.6% above the same period in the previous year.
All regions registered organic growth in local currencies. Particularly the IMEA Region - India, the Middle East, Africa - recorded the highest growth with 31.2%, followed by Latin America with 25.3% increase in sales.
The Construction Division grew 10.6% in local currencies due to sustained high demand in Sika's focal markets, the infrastructure and industrial construction sectors, and this despite noticeable market declines in certain countries such as the USA, England, Ireland, Spain and New Zealand. The Industry Division grew at 4.8% less strongly due the weakness of the automotive market.
Sika's mid-term financial target remains unchanged at 8 to 10% organic sales growth per annum. The effects of the financial crisis on the economy are not yet fully foreseeable, but they could temporarily lead to lower rates of growth in individual countries or sectors in 2009.
Further details on the first three quarters of 2008, particularly on earnings and cost developments, will be published on November 4, 2008.
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Sika AG Zugerstrasse 50 CH-6341 Baar, Switzerland www.sika.com
Sika AG - a corporate profile Sika AG, located in Baar, Switzerland, is a global specialty chemicals company supplying construction markets and manufacturing industries (automotive, commercial vehicle, building component manufacturing). Sika is a leader in processing materials used in sealing, bonding, damping, reinforcing and protecting load-bearing structures. Sika's product lines feature high-quality concrete admixtures, specialty mortars, sealants and adhesives, damping and reinforcing materials, structural strengthening systems, industrial flooring as well as roofing and waterproofing systems. Subsidiaries in more than 70 countries worldwide and approximately 11 700 employees link customers to Sika and guarantee the success of all our business relationships. Striving to deliver added value to all stakeholders, Sika generates annual sales of CHF 4.6 billion. Visit our website at www.sika.com.
The media release can be downloaded from the following link:
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Sika AG Zugerstrasse 50 Baar
WKN: 858573; ISIN: CH0000587979; Index: SMCI, SPI, SPIEX, SMIEXP, SMIM; Listed: Main Market in SWX Swiss Exchange;
