US industrial coatings company PPG Monday announced that it was acquiring Mexican coatings maker Comex for $2.3 billion as it seeks to expand in Mexico and Central America. PPG, which produces house paints, as well as coatings that protect components in autos and other industrial goods, highlighted the value of Consorcio Comex's network in Mexico and Central America, which includes 3,600 stores, 3,900 employees and eight manufacturing facilities.
"This acquisition is consistent with our stated strategy to expand our global coatings business portfolio," said PPG chief executive Charles Bunch, who described PPG's existing architectural coatings presence in the region as "negligible." "We are excited to participate in the growing Mexican economy and look forward to working with the Comex team as we integrate the business into PPG," Bunch said. Comex had about $1 billion in sales in 2013, PPG said. Founded in 1883, PPG makes a number of different types of coatings, which provide covering that can protect building or industrial parts, although some coatings are decorative. PPG had global sales of $15.1 billion in 2013. In early 2013, PPG completed the $2.5 billion sale of its commodity chemicals business to Georgia Gulf.
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