So this is kinda big news. From the LAHT. (emphasis added)
U.S. paint and coating maker PPG Industries said it has “successfully” completed its purchase of Mexican paint manufacturer Consorcio Comex for $2.3 billion.Hmmm.... there are some interesting threads to follow. But really, nothing to look at here, move along.
The deal is the second-largest acquisition in the company’s history, PPG Chairman and CEO Charles E. Bunch was quoted as saying in a company press release on Wednesday.
“We look forward to working with the Comex team as we integrate the business into PPG,” Bunch said after noting that Comex is a leading architectural coatings business in Mexico and Central America.
The deal was signed in June after Mexican anti-trust authorities refused to authorize a similar agreement between Comex and U.S. building materials giant Sherwin-Williams.
Founded in 1952, Mexico City-based Comex makes paint and coating for use in industry and construction and has 3,900 employees, eight factories and six distribution centers. In 2013, the company posted $1 billion in revenue.
Pittsburgh-based PPG Industries was founded in 1883 and has operations in nearly 70 countries.