Ohio-based Sherwin-Williams (NYSE:SHW) announced Monday that it will pay $2.34 billion, including assumed debt, to acquire leading Mexican paint and coatings producer Consorcio Comex.

Comex boasts $1.4 billion in annual sales and has more than 7,200 employees. It has products for sale in more than 5,000 locations throughout the U.S., Canada, and Mexico and operates eight manufacturing sites in Mexico, five in the U.S., and three in Canada.

Commenting on the transaction, Sherwin-Williams Chairman and CEO Christopher M. Connor said "Sherwin-Williams and Comex Group are an ideal fit in every respect -- geographically, strategically and culturally. ... This transaction will significantly increase our presence in markets where our store count is low [and] it builds upon our strategy to grow our architectural paint business in the Americas ..."

Within the U.S. in particular, Comex operates 240 paint stores. An additional 78 company-owned stores are in Canada, with a further 1,500 independent paint dealers. The balance of the operations are in Mexico and Latin America.

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