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Sherwin-Williams pays $2.3 billion for Mexico's Comex

Tuesday, November 13, 2012

Sherwin-Williams, the top US paint maker, said it will buy Mexico's leading paint company Consorcio Comex for about $2.34 billion, including debt, to tap into the rising demand in the region.

The deal will significantly increase Sherwin-Williams' presence in markets where its store count is low, the chief executive said.

Comex, which sells paint and coatings through 3,300 outlets in Mexico, generated sales of about $1.4 billion in 2011.

Source: Reuters