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PPG Industries buying Comex for $2.3B; looks to boost presence in Mexico, Central America
Original Publication Date: June 29, 2014 10:46PM
Publication Updated: January 8, 2025 10:47PM
PITTSBURGH, Pa. – Paint and coatings maker PPG Industries is buying Consorcio Comex SA de CV for $2.3 billion to help bolster its architectural coatings presence in Mexico and Central America.
Comex makes coatings and related products in Mexico and sells them in Mexico and Central America. Pittsburgh-based PPG makes coatings, specialty materials and glass products.
Privately held Comex, based in Mexico City, had 2013 sales of about $1 billion. Its brands include Effex, Texturi and its namesake. Comex has eight manufacturing plants and six distribution centres.
PPG plans to fund the transaction mostly with available cash and short-term investments, but may fund part of the acquisition with the addition of debt.
The deal is expected to immediately add to PPG’s earnings, excluding one-time acquisition-related costs.
The transaction may take four to six months to complete.
Shares of Pittsburgh-based PPG Industries Inc. rose $5.95, or 2.9 per cent, to $210 in premarket trading Monday.
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