PPG closes USD2.3bn acquisition of Mexico's Comex.
M2 EQUITYBITES-November 6, 2014-PPG closes USD2.3bn acquisition of Mexico's Comex
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6 November 2014 - US protective and decorative coatings specialist PPG Industries Inc (NYSE:PPG) announced the completion of its USD2.3bn (EUR1.8bn) cash deal to acquire Mexican peer Consorcio Comex SA de CV.
The purchase price is to be covered mostly through PPG's existing cash resources even though the company is prepared to include debt in the financing, according to a previous press release.
PPG chairman and CEO Charles Bunch expressed his satisfaction with the successful completion of what is the second-largest acquisition in the company's history. The transaction will create new opportunities for growth as it adds a strong architectural coatings business in Central America to PPG's operations, Bunch added.
Comex is a producer of coatings and other related products and operates eight plants in Mexico. Its products are distributed via more than 3,600 independently owned stores, regional retailers and wholesalers. Last year, Comex reported revenues of about USD1bn.
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