International. U.S. paint maker Sherwin Williams announced it will acquire Mexican company Comex in a $2.34 billion transaction.
After having suffered in the last two years a drop of 65% to 52% in its share of sales of the Mexican paint market, and 40% less sales revenue in the United States, Comex sold its business to the largest paint company in the North American country.
Comex has around 3,500 points of sale throughout Mexico and a 52% share of the national market, and also operates in other countries such as Canada, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Belize.
For Christopher Connor, CEO of Sherwin Williams, this operation will allow his company to enter new markets more strongly: "In Mexico there is an estimated housing deficit in the range of 9 million units, in addition to a current annual demand of 600,000 units. So it's a pretty healthy market."
