Sherwin-Williams to spend $2.34B on paint maker

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Associated Press

Posted on November 12, 2012 at 12:00 PM

Updated Monday, Nov 12 at 12:02 PM

CLEVELAND (AP) — Sherwin-Williams is buying the privately held Mexican paint company Consorcio Comex in a cash deal it values at about $2.34 billion.

Consorcio Comex sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico. It has company-operated stores and also works with independent paint dealers.

The company is based in Mexico City and had a total of $1.4 billion in sales last year.

Sherwin-Williams, based in Cleveland, says the deal price includes assumed debt.

The Sherwin-Williams Co.'s brands include Dutch Boy, Minwax, Krylon and its namesake paints.

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