Mexico puts hold on Sherwin-Williams deal
A 3-2 vote by the Federal Competition Commission of Mexico put a hold on Sherwin-Williams’ acquisition of Consorcio Comex.
The Mexican regulatory body said the acquisition announced Nov. 12 was not authorized by the commission.
In a statement released Thursday morning, Cleveland-based Sherwin-Williams said: “The company is reviewing the rationale for the commission’s decision and expects to respond to the commission’s concerns in the near future.”
Commenting on the commission’s decision, Christopher Connor, Sherwin-Williams chairman and CEO, said: "We are disappointed by this decision, but remain hopeful that we can adequately address the Commission’s objections and proceed with the transaction."
Sears repeats recall of Kenmore dehumidifiers
After a low response rate to its initial recall, Sears has repeated its announcement to recall nearly 800,000 Kenmore dehumidifiers after new fires were reported.
The original recall, which occurred last year, involved more than 100 troubleshooting reports that included property damage and smoke inhalation. Recently, Sears received seven additional reports of shorting and fire, one of which resulted in severe burns to a customer’s foot and three of which resulted in over $300,000 in property damage.
The retailer is recalling 35, 50 and 70-pint dehumidifiers with a Kenmore logo, manufactured by LG Electronics Appliance Co. between 2003 and 2005. Sears warns consumers to stop use immediately and avoid reselling the products. The dehumidifiers pose a risk of overheating, smoking, melting or catching on fire.
“The dehumidifiers are made of white plastic and are between 21 and 24 inches tall, about 15 inches wide and about 13.5 inches deep,” according to the Consumer Product Safety Commission. “They have a fan, humidity controls and a Kenmore logo on their top front panels. They come with front-loading water buckets. Some models include remote controls. The model number can be found on the right side of the interior of the unit once the bucket has been removed. Recalled units have the following model numbers: 35-pint (2004) – 580.54351400; 50-pint (2003) – 580.53509300; 70-pint (2003) – 580.53701300; 70-pint (2004) – 580.54701400; 70-pint (2005) – 580.54701500.”
The CPSC is instructing customers to turn off and unplug their appiances and to contact the Recall Fulfillment Center. Customers will be rewarded with a Sears gift card or a check for the refund amount.