Sherwin-Williams Co. (SHW), the largest U.S. paint retailer, agreed to acquire closely held paint maker Consorcio Comex SA de CV for about $2.34 billion including debt to expand in Mexico as housing demand improves. The shares rose the most in more than a year.
The all-cash deal is subject to regulatory approvals, Cleveland-based Sherwin-Williams said today in a statement. The acquisition would be the biggest takeover in Mexico by a U.S. company since 2004, according to data compiled by Bloomberg.
Sherwin-Williams Chairman and Chief Executive Officer Christopher M. Connor is adding to the company’s 3,500 North American stores after an improving housing market led to record earnings in the third quarter. Comex has 3,300 points of sale in Mexico, almost 1,600 in Canada and operates 240 stores in the U.S. Comex generated two-thirds of its $1.4 billion of revenue last year in Latin America, Sherwin-Williams said in a presentation on its website. It didn’t disclose Comex earnings.
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Sherwin-Williams to Buy Mexican Paint Producer Comex - Bloomberg
The all-cash deal is subject to regulatory approvals, Cleveland-based Sherwin-Williams said today in a statement. The acquisition would be the biggest takeover in Mexico by a U.S. company since 2004, according to data compiled by Bloomberg.
Sherwin-Williams Chairman and Chief Executive Officer Christopher M. Connor is adding to the company’s 3,500 North American stores after an improving housing market led to record earnings in the third quarter. Comex has 3,300 points of sale in Mexico, almost 1,600 in Canada and operates 240 stores in the U.S. Comex generated two-thirds of its $1.4 billion of revenue last year in Latin America, Sherwin-Williams said in a presentation on its website. It didn’t disclose Comex earnings.
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Sherwin-Williams to Buy Mexican Paint Producer Comex - Bloomberg
