Sherwin-Williams Buys U.S./Canada Business of Comex
CLEVELAND – The Sherwin-Williams Co. has completed the acquisition of the U.S./Canada business of Consorcio Comex S.A. de C.V. Sherwin-Williams will pay $90 million in cash and assume liabilities currently valued in the range of $75 million.
Sherwin-Williams and Comex remain fully committed to securing regulatory approval from the Federal Competition Commission of Mexico for Sherwin-Williams to complete the acquisition of the operations of Comex in Mexico. To that end, the Stock Purchase Agreement was amended to extend the exclusivity period to March 31, 2014.
Comex operations in the United States and Canada consist of 314 company-operated stores – 234 in the United States and 80 in Canada – and eight manufacturing sites – five in the United States and three in Canada. In addition, Comex supplies coatings products to approximately 1,500 external retail locations in Canada. The company manufactures and sells products under brands such as Frazee®, Kwal®, Parker Paints®, General Paints™, Color Wheel® and Para®.