Seeking Alpha

PPG Industries to buy Mexican paint maker Comex in $2.3B deal

  • PPG Industries (PPG) +2.9% premarket after agreeing to acquire privately-held Consorcio Comex, a Mexican architectural and industrial coatings company, in a transaction is valued at $2.3B.
  • Comex sold ~$1B of its products in 2013 through ~3,600 stores in Mexico and Central America as well as through regional retailers, wholesalers and direct sales to customers.
  • PPG says the deal will be immediately accretive to earnings, and it anticipates acquisition-related synergies of 3%-4% of acquired sales will be achieved over a two-year period.
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