PITTSBURGH – PPG Industries has finalized the acquisition of Consorcio Comex S.A. de C.V. (Comex), an architectural coatings company with headquarters in Mexico City, in a transaction valued at $2.3 billion.
“We are pleased to have successfully completed this acquisition, the second-largest in our company’s history, as it adds a leading architectural coatings business in Mexico and Central America to our portfolio,” said Charles E. Bunch, PPG Chairman and CEO. “We look forward to working with the Comex team as we integrate the business into PPG.”
Comex manufactures coatings and related products in Mexico and sells them in Mexico and Central America through more than 3,700 stores that are independently owned and operated by more than 700 concessionaires. Comex also sells its products through regional retailers and wholesalers, and directly to customers. The company has approximately 3,900 employees, eight manufacturing facilities and six distribution centers, and it had sales of approximately $1 billion in 2013.