Cleveland-based Sherwin-Williams Co. agreed to acquire Consorcio Comex, S.A. de C.V., a leader in the paint and coatings market in Mexico with headquarters in Mexico City.
Comex sells architectural and industrial coatings in Mexico through 3,300 units operated by 750 concessionaires. Sherwin-Williams will pay approximately $2.34 billion, including assumed debt, in an all-cash transaction, the company announced Monday morning.
In the United States, Comex sells paint and coatings products under a variety of brand names through 240 company-operated paint stores. In Canada, the company markets multiple brands of paint and coatings through 78 company-operated paint stores and approximately 1,500 independent paint dealers.
"Sherwin-Williams and Comex Group are an ideal fit in every respect -- geographically, strategically and culturally," said Christopher Connor, chairman and CEO of Sherwin-Williams, in a prepared statement. "This transaction will significantly increase our presence in markets where our store count is low, it builds upon our strategy to grow our architectural paint business in the Americas and it brings a high-quality, dedicated team of employees to Sherwin-Williams. We are proud to welcome such a well-respected company and their employees into the Sherwin-Williams family."
In the same press release, Marcos Achar Levy, CEO of Comex, said, "We are very pleased and excited to join the Sherwin-Williams team and look forward to making a major contribution to the company's ongoing success across the Americas. We have respected Sherwin-Williams for years, and are delighted to now be a partner. Comex and its committed employees know Sherwin-Williams well, and I am confident that joining the Sherwin-Williams family will provide an outstanding future for our employees and customers."
Founded in 1952, Comex is a privately held business with operations in Latin America, the United Statesand Canada. In 2011, Comex had total annual sales of US$1.4 billion.