MEXICO CITY – U.S. paint and coating maker PPG Industries said it has “successfully” completed its purchase of Mexican paint manufacturer Consorcio Comex for $2.3 billion.
The deal is the second-largest acquisition in the company’s history, PPG Chairman and CEO Charles E. Bunch was quoted as saying in a company press release on Wednesday.
“We look forward to working with the Comex team as we integrate the business into PPG,” Bunch said after noting that Comex is a leading architectural coatings business in Mexico and Central America.
The deal was signed in June after Mexican anti-trust authorities refused to authorize a similar agreement between Comex and U.S. building materials giant Sherwin-Williams.
Founded in 1952, Mexico City-based Comex makes paint and coating for use in industry and construction and has 3,900 employees, eight factories and six distribution centers. In 2013, the company posted $1 billion in revenue.
Pittsburgh-based PPG Industries was founded in 1883 and has operations in nearly 70 countries.