MEXICO CITY - Consorcio Comex SA de CV ("Comex") informs its shareholders and the company PPG Industries (NYSE: PPG), a leading international coatings and specialty products company, signed a definitive agreement the total sale of the assets of Comex. The transaction is valued at U.S. $ 2,300 million, and is subject to approval by the appropriate regulatory authorities.
Marcos Achar Levy, CEO of Comex Group, said: "As the world is globalizing and strategic alliances allow the development of individuals and companies, Comex joins proudly PPG, a company with over 130 years experience that relies on Comex and achievements we have made in over 60 years. Being part of PPG give us new growth opportunities and synergies that will allow us to continue growing in the market transcendental way. "
"Comex is a company with high standards of quality, very well managed, with a long tradition of excellence in customer service, leadership, and one of the most prestigious brands in the region," said Charles E. Bunch, Chairman and CEO PPG. This acquisition will complement because PPG introduces architectural coatings segment in Mexico and Central America, a region where we have virtually no presence. We are excited to contribute to the growth of the Mexican economy, and we want to start working with the team Comex as an integral part of the business model of PPG, "Bunch concluded.
From this time Comex is in full readiness and will follow the requirements of the authorities, with full confidence that this process will be completed successfully.
About Comex Group
Comex Group is a Mexican company that has become a leading international consortium in the manufacture, marketing and distribution of decorative paints, textures, waterproofing products for wood care, industrial coatings, drywall (Plaka) and accessories ( Success). Comex consolidates its business leadership with its constant tendency in innovation, expansion in different regions and with significant operations in Central America and Asia. This year, Comex celebrates 62 years of life and have become a small family business into a global corporation with more than 15,000 solutions that beautify and protect life.
PPG Industries vision is to act as the leader in coatings and specialty materials world's largest. Through leadership in innovation, sustainability and color, PPG helps customers in the transportation market, consumer products and construction to improve the market in different ways than any other company. Founded in 1883, PPG has headquarters in Pittsburgh and operates in nearly 70 countries worldwide. Reported sales in 2013 were $ 15.1 billion USD. PPG Industries shares listed on the New York Stock Exchange (NYSE: PPG).
Have something to say? Share your thoughts with us in the comments below.