US Coating Giant Xuanwei Purchases US$2.34 Billion for Comex

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US Coatings giant Sherwin-Williams said in a statement on the 12th that the company agreed to acquire Mexico's coating and waterproof product manufacturer, Comex, for US$2.34 billion in cash in order to seize the opportunity of the North American real estate market to expand its North American business.

Headquartered in Mexico City, Comex has eight production sites in North America, 3,300 in Mexico, 1,500 in Canada, 240 sales outlets in the United States, and total sales of US$1.4 billion in 2011. Sherwin-Williams, with net sales of $2.6 billion in the third quarter of this year, is the largest coating company in the United States with a total of 3,500 stores in North America.

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