November 4, 2016 / 5:20 PM / 2 years ago

Construction group Saint Gobain to buy Asian group E-Mix

The logo of the materials company Saint-Gobain is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen

PARIS (Reuters) - French construction company Saint Gobain (SGOB.PA) announced on Friday a deal to buy E-Mix, an Asian mortars and dry mixes company, for around 104 million euros ($116 million) as part of plans to boost its presence in emerging markets.

Saint Gobain said the deal would be based on a price of 160 million Singapore dollars ($116 million), representing 6.6 times E-Mix’s 2015 adjusted EBITDA (earnings before interest, tax, depreciation and amortization).

Shares in Saint Gobain, which has been embroiled in a move to take control of Swiss chemicals maker Sika SIK.S, closed down 0.9 percent on Friday.

($1 = 0.8992 euros)

($1 = 1.3832 Singapore dollars)

Reporting by Sudip Kar-Gupta; Editing by John Irish

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