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Sherwin-Williams to spend $2.34B on paint maker

Monday - 11/12/2012, 5:05pm  ET

FILE -In this Monday June 28, 2004, file photo, a customer looks over color chips at a Sherwin Williams store in Columbus, Ohio. 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 (AP Photo/Jay LaPrete, File)

CLEVELAND (AP) -- 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.
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