CLEVELAND – The Sherwin-Williams Co., Cleveland, has signed a definitive agreement to acquire Consorcio Comex, S.A. de C.V., a leader in the coatings market in Mexico with headquarters in Mexico City. Sherwin-Williams will pay approximately $2.34 billion, including assumed debt, in an all-cash transaction. Completion of the acquisition is subject to certain conditions and customary regulatory approvals.

Founded in 1952, Comex is a privately held business with operations in Latin America, the United States and Canada. The company manufactures and sells architectural and industrial coatings in Mexico through 3,300 points of sale operated by 750 concessionaires. In the United States, Comex sells coatings products under a variety of brand names through 240 company-operated paint stores. In Canada, the company markets multiple brands of coatings through 78 company-operated paint stores and approximately 1,500 independent paint dealers.

Comex emphasizes architectural coatings, but has a product assortment that also includes various industrial, protective and specialty coatings. Comex operates eight manufacturing sites in Mexico, five in the U.S. and three in Canada.