US paints giant expands into Mexico
US paints and coatings specialist Sherwin-Williams has agreed to buy out Mexican firm Comex for $2.34 billion (£1.47 billion). The move will increase Sherwin’s geographical reach, since Comex has presence in parts of the US and Canada where Sherwin is weakest, as well as a dominant share of the paints and coatings market in Mexico.
Comex had sales of $1.4 billion in 2011, predominantly in architectural paints, which matches well with Sherwin’s established business profile. As well as its retail outlets, the deal includes Comex’s 16 manufacturing plants - eight in Mexico, five in the US and three in Canada - and 7200 employees.