(By Balachander) Sherwin-Williams Co. (NYSE: SHW) boosted its presence in Mexico through the acquisition of Consorcio Comex, a maker of architectural and industrial coatings, for $2.34 billion in cash.
The Cleveland, Ohio-based maker said the deal strengthens its position as a supplier of premium architectural paints and related products to professional painting contractors in the Americas.
Comex, founded in 1952, had total annual sales of US$1.4 billion and employs more than 7,200 people. In Mexico, Comex sells architectural and industrial coatings through 3,300 points of sale operated by 750 concessionaires.
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Comex sells paint and coatings products in the U.S. through 240 company-operated paint stores and in Canada through 78 company-operated paint stores and roughly 1,500 independent paint dealers.
"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," commented Sherwin-Williams CEO Christopher Connor.
Sherwin-Williams' brands include: Sherwin-Williams, Krylon, Ronseal, Minwax and Dutch Boy, among others.
SHW shares ended at $140.84 on Friday.