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Sherwin-Williams announced that it has signed a definitive agreement to acquire Consorcio Comex, SA de CV, a leader in the paint and coatings market in Mexico with headquarters in Mexico City.
Sherwin-Williams will pay approximately US$2.34bn, including assumed debt, in an all-cash transaction.
Founded in 1952, Comex is a privately held business with operations in Latin America, the USA and Canada. In 2011, Comex had total annual sales of US$1.4bn.
Comex operates eight manufacturing sites in Mexico, five in the USA and three in Canada and has more than 7200 employees.