Swiss chemical firm Sika has expanded into Myanmar by founding a subsidiary company in the country as part of its growth strategy.
“This will help the company to further utilise market potential and consolidate its strong position in one of the most important growth regions,” Sika said in a statement.
The company, which manufactures and supplies products for bonding, sealing, damping, reinforcing and protecting in the building sector and the motor vehicle industry, said the move represents “another milestone” in the build-up of operations in emerging markets.
Sika has been supplying the Myanmar market with products from neighbouring countries for many years. With the new company in Myanmar, Sika now has subsidiaries in 91 countries around the world.
With its own subsidiary Sika said it will now be positioned to serve Myanmar’s fast growing construction sector and benefit from the extensive local investments in infrastructure.
Besides Myanmar, Sika further expanded its presence in the Asia Pacific region by opening a new production plant in Sri Lanka in a bid to push the firm’s growth strategy.
The new concrete admixture plant in Ekala will produce a range of high-end additives for the construction industry, allowing Sika to supply the local market directly and tap the development of the construction activities in the island nation.
Sika said its growth in emerging markets is an important part of the overall business strategy to strengthen supply chains and improve customer access around the world, resulting in locally available products for the construction industry.