Updated at: 11/12/2012 10:35 AM
(AP) CLEVELAND - Sherwin-Williams is buying the privately held Mexican paint company Consorcio Comex in an all-cash deal valued at about $2.34 billion.
Consorcio Comex, S.A. de C.V., sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico. It has company-operated stores and also works with independent paint dealers.
The company is based in Mexico City and had a total of $1.4 billion in sales last year. It employs 7,200 people and runs manufacturing sites in Mexico, the United States and Canada.
"Sherwin-Williams and Comex Group are an ideal fit in every respect _ geographically, strategically and culturally," said Christopher Connor, Chairman and CEO at Sherwin-Williams.Â "This transaction will significantly increase our presence in markets where our store count is low."
Sherwin-Williams Chairman and CEO Christopher M. Connor said in a statement from the company the deal helps increase its presence in markets where the company has a low store count, and it "builds upon our strategy to grow our architectural paint business in the Americas."
Sherwin-Williams, based in Cleveland, said the deal price includes assumed debt.
The Sherwin-Williams Co.’s brands include Dutch Boy, Minwax, Krylon and its namesake paints.
(Copyright 2012 by The Associated Press. All Rights Reserved.)