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Economy and Business


A much smaller Sherwin-Williams, Comex deal is sealed
Cleveland paint-maker buys smaller shares of Mexican counterpart, while it tries to negotiate with Mexican regulators over antitrust concerns
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
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In The Region:

Cleveland-based Sherwin-Williams has completed its acquisition of the U.S. and Canadian businesses of the privately held Mexican paint company Consorcio Comex.

According to the Associated Press, Sherwin-Williams will pay $90 million in cash and assume debt of about $75 million.

A much bigger deal – worth some $2.34 billion -- has been in the works. But that stumbled in July, when Mexican antitrust regulators voted 3-2 to block the sale, saying it would create a monopoly and artificially jack up paint prices.

In announcing the smaller sale today, Sherwin Williams says it remains “fully committed” to gaining Mexico’s approval, and has extended the exclusive stock purchase agreement to the end of next March.  

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