PPG Signs Agreement to Acquire Comex
PPG Industries recently announced has reached a definitive agreement to acquire Consorcio Comex S.A. de C.V. (Comex), a privately held architectural and industrial coatings company with headquarters in Mexico City. The transaction is valued at $2.3 billion and is subject to regulatory approvals and customary closing conditions.
Comex manufactures coatings and related products in Mexico, and sells them in Mexico and Central America through approximately 3,600 independently owned stores. Comex also sells its products through regional retailers, wholesalers and direct sales to customers. The company has approximately 3,900 employees, eight manufacturing facilities and six distribution centers, and had sales of approximately $1 billion in 2013.
“Comex is a high-quality, well-managed business with a long heritage of excellent customer service and leading, well-recognized regional brands,” said Charles E. Bunch, chairman and CEO. “The acquisition is very complementary to PPG as it adds a leading architectural coatings business in Mexico and Central America, a region where we have negligible architectural coatings presence. We are excited to participate in the growing Mexican economy and look forward to working with the Comex team as we integrate the business into PPG.”
For more information, visit www.ppg.com.