Sherwin-Williams To Buy Paint Maker

Sherwin-Williams has signed a definitive agreement to acquire the privately held Mexican architectural paint maker Comex Group for $2.3 billion including debt. Sherwin-Williams CEO Christopher M. Connor told investors that Comex will be the firm’s largest acquisition to date and will enhance its position in architectural paints in the Americas. Comex had sales of $1.4 billion last year, mostly from company-owned stores in Mexico, the U.S., and Canada. The company operates 16 manufacturing sites and employs more than 7,200 people. Sherwin-Williams has taken part in paint industry consolidation over the past four years, having acquired Becker Acroma Industrial Wood Coatings, Sayerlack, Inchem, and Becker Powder Coatings U.S.