The Sherwin-Williams Company has acquired the U.S./Canada business of Consorcio Comex, S.A. de C.V., which includes 314 stores and eight manufacturing sites.
Sherwin-Williams will pay $90 million in cash as well as assume Comex's liabilities, currently valued at approximately $75 million.
"This is an exciting step forward in our ongoing effort to bring these two respected companies together," said Chris Connor, chairman and CEO of Sherwin-Williams. "The Comex business model in the U.S. and Canada is a good strategic fit for Sherwin-Williams and will improve our ability to serve customers in some of our most important geographic markets."
Regulatory approval from the Federal Competition Commission of Mexico has yet to be secured for the acquisition of Comex's Mexico operations.
Additional information will be reported during Sherwin-Williams' third quarter earnings conference call at 11 a.m. ET on Fri., Oct. 25.