Comex, which has the leading architectural paint brand in Mexico, also manufactures industrial coatings, automotive paints, roof coatings, wood care products and aerosols. Its annual revenues are approximately $520 million.
PPI, which has annual revenues of approximately $500 million, is the parent company of several regional architectural paint companies-Frazee Paint, Kwal Paint, Parker Paint, Stellar Kwal Paint, General Paint, Ideal Paint and Duckback Products.
"Comex is excited by the prospect of partnering with a proven company like PPI to create a company that can build significant share in the market from Canada to Panama," said Comex's CEO, Marcos Achar. "The two companies have complementary, not competing, strengths and strong management teams. We believe that the historic strengths of these two companies mean a combined business that is much, much more than the sum of its parts."
PPI's CEO Kent Child added, "This merger of Comex and PPI provides both companies with the synergies and impetus to achieve future growth objectives and forms the base for a strong international company."