Sika

Sika converted a 1910 waterproofing additive into an $11B specialty chemicals empire through biological invasion patterns: systematic geographic colonization paired with acquisition-driven establishment in new territories. The company targets the value-added slice of construction - chemicals making concrete stronger, faster-curing, or waterproof - while avoiding cement's commodity trap.

The growth strategy follows invasive species playbook: enter new geography (China, India, Brazil), establish local partnerships for distribution access, acquire regional players for market foothold, then introduce global product portfolio once established. With 400+ production sites across 102 countries and "local-for-local" manufacturing, Sika demonstrates that in B2B chemicals, geographic presence when customers need you beats technological innovation. New plants commissioned in 2025 across Singapore, China, Ecuador, Kazakhstan, Brazil, and Morocco extend the colonization pattern.

First nine months 2025 delivered CHF 8.58B in sales despite 4.9% currency headwinds, with 1.1% organic growth amid weak Chinese construction markets. Excluding China, growth reached 3%. The company completed four acquisitions in H1 2025 (Elmich in Singapore, Cromar in UK, HPS in USA, Gulf Additive Factory in Qatar) and added Marlon in Denmark by October - each providing geographic or application-specific expansion that compounds existing advantages.

The "Fast Forward" restructuring program (launched 2025) commits CHF 120-150M in investments to drive CHF 150-200M annual savings, including 1,500 job cuts - essentially pruning for resource reallocation toward higher-growth markets. Like kudzu spreading through fragmented ecosystems, Sika thrives in construction's geographic diversity where local presence and technical service create switching costs. The company's resilience through 115 years proves that systematic territorial expansion with product adaptability creates more defensible positions than breakthrough chemistry alone. Medium-term targets of 20%+ EBITDA margins and 6-9% revenue growth (2023-2028) reflect confidence in the invasion-and-consolidation model.