Sherwin-Williams to Acquire Mexican Paint Maker for $2.4 Billion

Sherwin-Williams said on Monday that it had agreed to acquire Consorcio Comex, Mexico's leading paint producer, for $2.4 billion, including debt.

It is the biggest acquisition by far for Sherwin-Williams, whose brands include Dutch Boy, Thompson's Water Seal and Minwax, according to Standard & Poor's Capital IQ data.

Comex, based in Mexico City, is privately held. It manufactures and sells architectural and industrial coatings in Mexico, the United States and Canada, and reported revenue of $1.4 billion last year. It entered the United States market in 2004 by buying Professional Paint for $400 million.

“Sherwin-Williams and Comex Group are an ideal fit in every respect â€" geographically, strategically and culturally,” Christopher M. Connor, the chief executive of Sherwin-Williams, said in a statement. “This transaction will significantly increase our presence in markets where our store count is low, it builds upon our strategy to grow our archite ctural paint business in the Americas and it brings a high-quality, dedicated team of employees to Sherwin-Williams.”