Where To Buy Comex Paint
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Where To Buy Comex Paint
The Sherwin-Williams Company (SHW), the largest U.S. paint retailer, agreed in November 2012 to acquire closely held Consorcio Comex SA de CV for about $2.34 billion including debt to gain Mexico's largest paint maker.[2] The deal was rejected by Mexico's Comisión Federal de Competencia in November 2013 for antitrust purposes,[3] and a result of such, PPG Industries has agreed to buy Comex for $2.3 billion [4] Sherwin-Williams was still able to purchase Comex' operations in the United States and Canada for $165 million.[5] After the failed bid in Mexico, and before the take-over by PPG, Comex sued Sherwin-Williams for not trying hard enough to seal the deal.[6]
In July 2015, after the photo of president Enrique Peña Nieto showing his height difference next to Felipe VI of Spain made the international headlines, Comex released on its Twitter account a photoshopped photo of the Mexican president standing on one of its paint pots with the text "una pintura de altura" (a paint of stature). After the post got widely retweeted, the company deleted it and made an official apology, arguing that the photo had not been approved before it went live.[7][8]
Comex sells paint and coatings. As of 2013, the company distributed its products through 234 Comex stores in the United States, 80 Comex stores and 1500 external retailers in Canada. It also operates five manufacturing sites in the US and three in Canada.[3] In January 2016, Comex opened its 4,000th store in Mexico.[9]
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US coatings specialist PPG Industries has agreed to buy Mexican architectural and industrial coatings firm Comex for $2.3 billion (1.3 billion). The deal will give PPG a manufacturing and distribution network for architectural paints across Mexico and Central America, where it currently has negligible presence.
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.
In a deal that will help expand its business in Mexico and Central America, US paints and coatings specialist PPG Industries has agreed to buy Mexican paints manufacturer Consorcio Comex SA de CV (Comex) for $2.3 billion.
"The acquisition is very complementary to PPG as it adds a leading architectural coatings business in Mexico and Central America, a region where PPG has negligible architectural coatings presence," a company spokesman told the news agency Reuters. Comex has eight production facilities and six distribution centers across the country.
While the lion's share of the deal remains on hold, Sherwin-Williams has completed acquisition of the North American paint business of Consorcio Comex, S.A. de C.V., the companies announced this week.
The Cleveland-based paint and coatings maker will pay $90 million in cash and assume about $75 million in liabilities for Comex's 314 stores and eight manufacturing sites in the United States and Canada, Sherwin-Williams said Monday (Sept. 16).
The Mexico City-based manufacturer boasts the world's largest exclusive paint retail network and is the leading architectural paint and coating producer in Mexico and Central America, with 3,300 points of sale operated by 750 concessionaires.
The North American deal in