PPG Reaches Agreement To Acquire Comex

The transaction will add a desirable architectural coatings presence for PPG in Mexico and Central America.

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PPG Industries has reached a definitive agreement to acquire Consorcio Comex, an 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 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 privately held company that was founded in 1952.

Charles E. Bunch, PPG chairman and CEO said, “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.”