Sico Inc. Announces Divestiture of Stake in Sico-Becker
LONGUEUIL, Quebec - Sico Inc. has sold its 50% stake in the Sico-Becker joint venture business to its European partner, Becker Industrie S.A., in a move Sico said reflects a plan to boost profits and focus on the North American market. Financial terms were not disclosed.
The joint venture was launched in 1998 to develop and sell paint and coatings to the European railway transportation industry. Sico said the divestiture would boost productivity and profitability, particularly for the company's industrial paints business in North America. The company said revenue for the venture business fell sharply this year after generating $5.2 million (Canadian), or about $4.3 million U.S., in 2003.