07.01.14
18 Comex
Mexico City, Mexico
www.comex.com.mx
PUBLIC COMPANY
YEAR ESTABLISHED: 1959
REVENUE: $1.4 billion s (2012: $1.4 billion)
MARKETS SERVED
• Architectural coatings • Industrial coatings • Automotive refinish coatings • OEM (non-automotive)
KEY EXECUTIVES
Marcos Achar, CEO, Comex Group; Leon Cohen, president, Comex Mexico; Marcos Achar Meyohas, vice president treasurer; Elias Achar, vice president operations.
Comex Group, the largest paint company in Mexico was set to be bought by Sherwin-Williams in 2013. Although Sherwin-Williams has completed the acquisition of the U.S./Canada business of Consorcio Comex, S.A. de C.V., the acquisition of its Mexican operations was blocked by the Mexican anti-monopoly agency, Comisión Federal de Competencia (CFC) and S-W has since backed out of the deal.
Comex CEO Marcos Achar, reacting to the CFC decision, said that a negative decision by the CFC would affect $1 billion worth of investments his company has already made. He said that his company’s national paint and coatings market share amounts to only 40 percent with all segments combined. The company’s architectural segment share is approximatley 53 percent, wood finishes is about 30 percent, waterproofing is about 30 percent, and industrial and marine is about 18 percent, Achar noted in local interviews following the CFC decision.
Comex produced paints and coatings in 16 North American locations, including eight in Mexico, five in the U.S. and three in Canada, through its acquisition of PPI several years ago. Out of the company’s $935 million revenues, 65 percent came from architectural segment sales, 25 percent from industrial sales and the remainder from all other segments. Comex enjoys a relationship with Mexico’s national oil company Pemex, for which it has helped develop paint and coatings quality standards that are utilized at times as a de facto national standard. Comex also exports to the Caribbean, where it has been building a network of more than 90 stores. Among countries in its network there are: Belize; Costa Rica; El Salvador; Guatemala; Honduras; Nicaragua and Panama.
Mexico City, Mexico
www.comex.com.mx
PUBLIC COMPANY
YEAR ESTABLISHED: 1959
REVENUE: $1.4 billion s (2012: $1.4 billion)
MARKETS SERVED
• Architectural coatings • Industrial coatings • Automotive refinish coatings • OEM (non-automotive)
KEY EXECUTIVES
Marcos Achar, CEO, Comex Group; Leon Cohen, president, Comex Mexico; Marcos Achar Meyohas, vice president treasurer; Elias Achar, vice president operations.
Comex Group, the largest paint company in Mexico was set to be bought by Sherwin-Williams in 2013. Although Sherwin-Williams has completed the acquisition of the U.S./Canada business of Consorcio Comex, S.A. de C.V., the acquisition of its Mexican operations was blocked by the Mexican anti-monopoly agency, Comisión Federal de Competencia (CFC) and S-W has since backed out of the deal.
Comex CEO Marcos Achar, reacting to the CFC decision, said that a negative decision by the CFC would affect $1 billion worth of investments his company has already made. He said that his company’s national paint and coatings market share amounts to only 40 percent with all segments combined. The company’s architectural segment share is approximatley 53 percent, wood finishes is about 30 percent, waterproofing is about 30 percent, and industrial and marine is about 18 percent, Achar noted in local interviews following the CFC decision.
Comex produced paints and coatings in 16 North American locations, including eight in Mexico, five in the U.S. and three in Canada, through its acquisition of PPI several years ago. Out of the company’s $935 million revenues, 65 percent came from architectural segment sales, 25 percent from industrial sales and the remainder from all other segments. Comex enjoys a relationship with Mexico’s national oil company Pemex, for which it has helped develop paint and coatings quality standards that are utilized at times as a de facto national standard. Comex also exports to the Caribbean, where it has been building a network of more than 90 stores. Among countries in its network there are: Belize; Costa Rica; El Salvador; Guatemala; Honduras; Nicaragua and Panama.