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.