International. PPG Industries confirmed that it has reached an agreement to acquire the Mexican company Comex, in a transaction that has a cost of US $ 2,300 million, which was subject to regulatory approvals and the usual closing conditions.
"Comex is a high-quality, well-managed company with a long tradition of excellent customer service," said Charles E. Bunch, president and CEO of PPG. "The acquisition is highly complementary to PPG as it adds a leading architectural coatings business in Mexico and Central America, a region where we have negligible presence in the architectural coatings sector. We are excited to participate in the growth of the Mexican economy and look forward to working with the Comex team as we integrate the business into PPG," concluded Bunch.
For his part, Marcos Achar Levy, CEO of Comex, commented that "in these times of globalization and highly competitive markets, strategic alliances allow the development of companies and their individuals. We are excited to proudly join the team at PPG, a company with over 130 years of experience, which admires and respects Comex's achievements over more than 60 years. Being part of PPG gives us new opportunities and synergies that allow us to continue to grow significantly in our markets."
Comex reaches this agreement, after not being able to sell its business to Sherwin Williams. An agreement that was denied by Mexico's regulators for monopoly.
