PPG Industries buying Mexico's Comex for $2.3B

Associated Press |

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. Pittsburgh-based PPG makes coatings, specialty materials and glass products.

Privately held Comex, 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.

PPG plans to fund the transaction mostly with available cash and short-term investments, but may fund part of the acquisition with the addition of debt.

The deal is expected to immediately add to PPG's earnings, excluding one-time acquisition-related costs.

The transaction may take four to six months to complete.

Shares of Pittsburgh-based PPG Industries Inc. rose $5.55, or 2.7 percent, to $209.60 in midday trading Monday. Its shares had been up about 7.6 percent so far this year through last Friday

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Symbol Name Price Change % Volume
STLT Spotlight Innovation Inc 0.96 0.01 1.05 16,403


Emerging Growth

Sack Lunch Productions Inc

Sack Lunch Productions Inc is an entertainment company. The Company, through its subsidiaries, is engaged in event management, production service, film production and distribution services.

Private Markets


Uber connects riders with safe, reliable, convenient transportation providers at a variety of price-points in cities around the world. Uber makes money from charging their drivers 20% of the fare…

Almond Smart Home Router by Securifi

Securifi sells user friendly touch screen routers that also have support for IoT/home automation.Securifi’s Almond revolutionized wireless router setup with its easy to use Touchscreen Interface in 2012. Now our…