Tuesday, October 21st9.0°C
23836
22934

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

22784


Recent Trending




Today's Market
S&P TSX14514.81+177.04
S&P CDNX822.4911.14
DJIA16563.91164.24
Nasdaq4390.007+73.932
S&P 5001932.32+28.31
CDN Dollar0.8918+0.0059
Gold1252.60+7.90
Oil81.83+0.45
Lumber331.40+0.50
Natural Gas3.671+0.001

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.15+0.03
Cantex0.055-0.025
Anavex Life Sciences0.195+0.004
Metalex Ventures0.050.00
Russel Metals33.06+0.78
Copper Mountain Mining2.16+0.17
Colorado Resources0.145-0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.46+0.01

 



23615

FEATURED Property
20612342000 Rosealee Lane
4 bedrooms 3 baths
$479,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_





23803


Member of BC Press Council


22496