PPG Industries plans acquiring Consorcio Comex transaction valued $2.3 billion

PPG to acquire Mexican paint company, Comex

7:24 AM, 1st July 2014
PPG Industries plans acquiring Consorcio Comex

PITTSBURGH, US: PPG Industries has reached a definitive agreement to acquire Consorcio Comex, SA de CV (Comex), an architectural and industrial coatings company with headquarters in Mexico City, Mexico. 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 stores that are independently owned and operated by more than 700 concessionaires. 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. 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,” said Charles E Bunch, Chairman and CEO, PPG.

“This acquisition is consistent with our stated strategy to expand our global coatings business portfolio. Following this transaction, we will continue to have a strong cash balance, expanded free cash flow and a high degree of financial flexibility, and we expect additional, disciplined cash deployment focused on value creation for our shareholders,” added Bunch.

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