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Sherwin-Williams Bags Mexico’s Comex

Thursday, November 15, 2012

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The Sherwin-Williams Company has announced plans to acquire Comex Group, a 60-year-old Mexican paint company, for $2.34 billion in an all-cash transaction.

Consorcio Comex, S.A. de C.V. (Comex Group), headquartered in Mexico City, manufactures and sells industrial and architectural coatings throughout Latin America, the U.S., and Canda. Sales generated about $1.4 billion in 2011.

Photos: Comex Group

Sherwin-Williams announced plans to acquire 60-year-old Mexican paint company Comex Group.

The deal includes assumed debt and is subject to conditions and customary regulatory approvals, according to a release issued Monday (Nov. 12) by Cleveland-based Sherwin-Williams.

'Ideal Fit'

"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," said Connor.

Comex manufactures and sells coatings in Mexico through 3,300 points of sale operated by 750 concessionaires. In the U.S., the company sells paint and coatings products under a variety of brand names through 240 company-operated paint stores. The company markets multiple coatings brands in Canada through 78 company-operated paint stores and approximately 1,500 independent paint dealers.

Comex's portfolio includes industrial, protective, architectural, and specialty coatings.

"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 in the Americas," said Marcos Levy, CEO of Comex. "I am confident that joining the Sherwin-Williams family will provide an outstanding future for our employees and customers."

About the Companies

Founded in 1952, Comex is a privately held business that has more than 7,200 employees and operates eight manufacturing sites in Mexico, five in the U.S., and three in Canada.

The company's product assortment includes various industrial, protective, and specialty coatings, with a heavy emphasis on high-quality architectural paints and coatings.

The Sherwin-Williams Company is a global leader in manufacturing, developing, distributing, and selling coatings and related products to professional, industrial, commercial, and retail customers.

Founded in 1866, Sherwin-Williams sells its products in more than 4,000 company-operated stores and facilities.

For more information on the acquisition, an archived webcast of Monday's call with investors will be available until Friday (Nov. 16) at 5:00 p.m. ET. An accompanying slide presentation is also available.

   

Tagged categories: Acquisitions; Comex; Mergers; Sherwin-Williams

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