ZURICH, April 11 (Reuters) - Swiss construction chemicals maker Sika expects sales to exceed 6 billion Swiss francs this year after it generated 10.7 percent local currency growth in the first quarter, it said ahead of its annual general meeting on Tuesday.
Sika is involved in a long-running takeover battle, in which the group’s management is trying to block the founding family’s sale of its controlling stake to French group Saint-Gobain .
Sika said it was targeting a 6-8 percent rise in sales to more than 6 billion Swiss francs ($5.95 billion) and an increase in earnings before interest and tax and net profit “at a disproportionately high rate”.
“The strong start to the year is the result of our successful strategy implementation,” Chief Executive Jan Jenisch said in a statement, adding the company would implement its growth model with raised targets for 2020.
Sika management and its founding family, the Burkhards, are set to clash at the AGM over the board’s proposal to raise the dividend. The family wants a smaller increase.
$1 = 1.0090 Swiss francs Reporting by Silke Koltrowitz; Editing by Michael Shields