Sherwin-Williams Completes Acquisition of Comex Assets
Sep 16th 2013 10:16PM
Updated Sep 16th 2013 10:18PM
The paint is now dry on Sherwin-Williams' purchase of the North American holdings of Mexican peer Comex. Sherwin-Williams announced that it is now the owner of the latter's U.S. and Canada businesses. It will pay $90 million in cash for those assets and assume liabilities of around $75 million.
The company's new possessions consist of 314 stores and eight factories. Comex's portfolio includes the Frazee, Parker Paints, and Color Wheel brands.
In November 2012, the two companies agreed that Sherwin-Williams would buy Comex outright for $2.3 billion. In July, however, Mexico's Federal Competition Commission ruled that the American company could not purchase Comex's assets in that country. Sherwin-Williams remains confident that it will prevail in that attempt.
In the press release announcing the latest development, Sherwin-Williams said it would provide more information about the Comex acquisition in its Q3 earnings conference call, scheduled for 11 a.m. Eastern time on October 25.
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