Charles W. Thurston08.11.05
Mexico's most powerful paint and coatings company, Consorcio Comex S.A. de C.V., finally has made a major play into the U.S. and Canadian markets through the purchase of Professional Paints Inc., of Lone Tree, CO, for an undisclosed sum (estimated to range upwards toward PPI's $500 million annual sales level). The deal, expected to close by late October or early November, will make Grupo Comex a $1 billion-a-year, 100-million-gallons-plus company positioned to challenge any of the international competitors active in its regional markets in North America.
"Since we already have a 54% share of the market in Mexico, to keep growing we have to go to other markets. With PPI, we can compete with the largest companies in North America," said Marcos Achar, the chief executive officer of family-held Comex, Mexico City. At the announcement of the deal, Achar said, "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."
According to Achar, Comex's annual sales are approximately $500 million, with profits of about $85 mi
"Since we already have a 54% share of the market in Mexico, to keep growing we have to go to other markets. With PPI, we can compete with the largest companies in North America," said Marcos Achar, the chief executive officer of family-held Comex, Mexico City. At the announcement of the deal, Achar said, "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."
According to Achar, Comex's annual sales are approximately $500 million, with profits of about $85 mi
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