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The Sherwin-Williams Company has completed the acquisition of the USA/Canada business of Consorcio Comex, SA de CV. Sherwin-Williams will pay US$90M in cash and assume liabilities currently valued in the range of US$75M.
Sherwin-Williams and Comex remain fully committed to securing regulatory approval from the Federal Competition Commission of Mexico for Sherwin-Williams to complete the acquisition of the operations of Comex in Mexico. To that end, the Stock Purchase Agreement was amended to extend the exclusivity period to March 31, 2014.
Comex operations in the USA and Canada consist of 314 company-operated stores – 234 in the USA and 80 in Canada – and eight manufacturing sites – five in the USA and three in Canada. In addition, Comex supplies paint and coatings products to approximately 1500 external retail locations in Canada.
The company manufactures products under well-respected brands such as Frazee, Kwal, Parker Paints, General Paints, Color Wheel and Para.