Following the approval of local government authorities, BASF has completed the acquisition of GRUPO THERMOTEK, a leading waterproofing systems supplier based in Monterrey, Mexico. The companies had announced the transaction on April 24, 2017. Through this acquisition, BASF’s Construction Chemicals division strengthens its channels to market and builds on its portfolio of brands for construction professionals.
THERMOTEK, founded as a privately held company in 1992, is well- positioned in the waterproofing systems market in Mexico. Its products are designed to offer maximum quality on virtually every type of substrate and include resinous and dispersion-based materials as well as modified asphalt sheet membranes. The company has more than 200 distributors in the region and employs approximately 500 people.
The transaction includes the well-known THERMOTEK and CHOVATEK brands, and others, which will continue to be sold through retail channels, material houses and local hardware stores.
“The acquisition of THERMOTEK enables us to continue on our growth path by bringing a robust portfolio of construction solutions to a broader customer base,” said Michael Stumpp, Managing Director BASF Mexicana S.A. de C.V. and Central America. “This is an exciting time for our business and we welcome the THERMOTEK employees to the BASF family.”
At BASF, the THERMOTEK business will be led by Luis Carlos Mendoza who will be responsible for day-to-day operations as Director General. Former CEO David Wolberg will remain involved for a temporary period to ensure a smooth transition for the business and customers.
“BASF and THERMOTEK share a common core value of customer-centricity,” Mendoza said. “As we integrate the THERMOTEK business into BASF, our top priority is to meet and exceed customers’ expectations.”