Tuesday, August 4th30.1°C
26264
26015

PPG Industries buying Comex for $2.3B; looks to boost presence in Mexico, Central America

PITTSBURGH, Pa. - Paint and coatings maker PPG Industries is buying Consorcio Comex SA de CV for $2.3 billion to help bolster its architectural coatings presence in Mexico and Central America.

Comex makes coatings and related products in Mexico and sells them in Mexico and Central America. Pittsburgh-based PPG makes coatings, specialty materials and glass products.

Privately held Comex, based in Mexico City, had 2013 sales of about $1 billion. Its brands include Effex, Texturi and its namesake. Comex has eight manufacturing plants and six distribution centres.

PPG plans to fund the transaction mostly with available cash and short-term investments, but may fund part of the acquisition with the addition of debt.

The deal is expected to immediately add to PPG's earnings, excluding one-time acquisition-related costs.

The transaction may take four to six months to complete.

Shares of Pittsburgh-based PPG Industries Inc. rose $5.55, or 2.7 per cent, to $209.60 in midday trading Monday. Its shares had been up about 7.6 per cent so far this year through last Friday

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14491.05+22.32
S&P CDNX589.88-4.43
DJIA17550.69-47.51
Nasdaq5105.55-9.84
S&P 5002093.32-4.72
CDN Dollar0.7580-0.0003
Gold1086.50-4.20
Oil46.27+0.14
Lumber258.60-0.10
Natural Gas2.839-0.002

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.40-0.02
Cantex0.04+0.00
Anavex Life Sciences1.47+0.33
Metalex Ventures0.05+0.00
Russel Metals19.39-0.01
Copper Mountain Mining0.80+0.01
Colorado Resources0.085+0.020
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.08-0.02
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
22239925241 Buchanan Road
3 bedrooms 4 baths
$2,299,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Mortgage policy changes?

There are rumours circulating again that the federal government may move to tighten mortgage insurance criteria. This is prompted by a recent article in the Financial Post. The housing market while b...


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...

_



26376




Member of BC Press Council


26680