Sherwin-Williams to buy Comex
CLEVELAND, OHIO -- The Sherwin-Williams Company announced it has signed a definitive agreement to acquire Consorcio Comex, S.A. de C.V., a leader in the paint and coatings market in Mexico with headquarters in Mexico City. Sherwin-Williams will pay approximately $2.34 billion, including assumed debt, in an all-cash transaction. Completion of the acquisition is subject to certain conditions and customary regulatory approvals.
Founded in 1952, Comex is a privately held business with operations in Latin America, the U.S. and Canada. In 2011, Comex had total annual sales of U.S.$1.4 billion. The Company manufactures and sells architectural and industrial coatings in Mexico through 3,300 points of sale operated by 750 concessionaires. In the U.S., Comex sells paint and coatings products under a variety of brand names through 240 company-operated paint stores. In Canada, the company markets multiple brands of paint and coatings through 78 company-operated paint stores and approximately 1,500 independent paint dealers.
Comex, like Sherwin-Williams, places heavy emphasis on supplying high-quality architectural paints and coatings. The company's product assortment also includes various industrial, protective and specialty coatings. Comex operates eight manufacturing sites in Mexico, five in the U.S. and three in Canada and has more than 7,200 employees.
"Sherwin-Williams and Comex Group are an ideal fit in every respect - geographically, strategically and culturally," said Christopher M. Connor, Chairman and CEO of Sherwin-Williams. "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 and it brings a high-quality, dedicated team of employees to Sherwin-Williams. We are proud to welcome such a well-respected company and their employees into the Sherwin-Williams family."
Marcos Achar Levy, CEO of Comex, commented, "We are very pleased and excited to join the Sherwin-Williams team and look forward to making a major contribution to the Company's ongoing success across the Americas. We have respected Sherwin-Williams for years, and are delighted to now be a partner. Comex and its committed employees know Sherwin-Williams well, and I am confident that joining the Sherwin-Williams family will provide an outstanding future for our employees and customers."