PPG Industries buying Mexico's Comex for $2.3B

Tuesday, July 1, 2014

PITTSBURGH (AP) - 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.

The privately held company, 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 centers.

Shares of Pittsburgh-based PPG Industries Inc. rose nearly 3 percent in Monday premarket trading.

Copyright 2014 The Associated Press.

Click image to enlarge.