Sherwin-Williams buying Mexican paint company
BY Associated Press
Tuesday, November 13, 2012
11/13/12 at 4:08 AM
Sherwin-Williams Co. is buying privately held Mexican paint company Consorcio Comex in an all-cash deal valued at about $2.34 billion, including assumed debt.
Consorcio Comex S.A. de C.V. sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico. It has company-operated stores and also works with independent paint dealers.
The Mexico City-based company, with $1.4 billion in sales last year, employs 7,200 people and runs manufacturing sites in Mexico, the United States and Canada.
"Sherwin-Williams and Comex Group are an ideal fit in every respect - geographically, strategically and culturally," said Christopher Connor, chairman and CEO of Cleveland, Ohio-based Sherwin-Williams. "This transaction will significantly increase our presence in markets where our store count is low."
He said the deal "builds upon our strategy to grow our architectural paint business in the Americas."
Sherwin-Williams' brands include Dutch Boy, Minwax, Krylon and its namesake paints.
Sherwin-Williams CEO Christopher Connor: The deal "builds upon our strategy to grow our architectural paint business in the Americas."