Sherwin-Williams ends bid for Comex
A long, drawn-out acquisition affair is over, and not with a happy ending for its parties.
After months of regulatory delays, Sherwin-Williams has terminated its bid for Comex Mexico, effective immediately.
Initially dated Sept. 16, 2013, the amended and restated stock purchase agreement was officially terminated by Sherwin-Williams after it sent a notice to the sellers on April 3. The agreement had stipulated that either party may terminate the deal in the event that the closing of the acquisition did not occur on or prior to March 31, 2014.
The company also filed a complaint for a declaratory judgment in the Supreme Court of the State of New York, New York County, requesting the court to affirm it has made commercially reasonable efforts and not breached the agreement. The sellers announced on April 1 that they believed Sherwin-Williams had breached its obligations to use commercially reasonable efforts.
Sherwin-Williams had initially agreed to purchase Consorcio Comex in November 2012, but the Federal Competition Commission of Mexico put a hold on the acquisition in July of last year. In September, Sherwin-Williams announced its acquisition of the paint company pending regulatory approval, but was turned down again in October.
MoistureShield Double Play Rebate now in effect
Through June 30 of this year, MoistureShield is offering contractors double its usual $0.50 rebate in the MoistureShield Double Play Rebate.
The baseball-themed program allows deck builders to earn a $1.00 rebate per deck board, provided they’re part of the MoistureShield Valued Partner program. Additionally, all forms must be submitted by July 31.
"What’s more American than baseball, and spending time on the deck?" said Brent Gwatney, SVP sales and marketing for MoistureShield. "We know how important the kickoff of decking season is to our contractors and want to make sure we support them as much as possible."
Dealers can also apply for a dealer rebate through the MoistureShield website.
PPG makes executive appointments
Effective April 1, PPG Industries has named Dave Cole VP packagings coatings and Anup Jain VP specialty coatings and materials.
Jain was previously serving as VP silica products. In his new role, he will be responsible for the optical monomers and coatings and OLED/specialty synthesis businesses, as well as the photochromics R&D organization. He will continue to oversee PPG’s silica products business.
Cole was formerly president of Transitions Optical, in which PPG owned a majority interest stake until just recently.
Both Cole and Jain will report to EVP Viktor Sekmakas.
“These executives have demonstrated strong performance in leading their respective businesses," said Sekmakas. "I am confident that Dave and Anup will continue to contribute significantly to PPG’s business success in these key leadership roles."
Additionally, Rick Elias, previously SVP optical and specialty materials, has retired. He has been with the company since 1975 and has been in his most recent role since 2008.