Sector News

PPG Industries finalizes $2.3 bln purchase of Mexico’s Comex

November 7, 2014
Chemical Value Chain
(Reuters) – U.S. chemicals maker PPG Industries Inc said on Wednesday it had formally finalized its acquisition of Mexican paints maker Consorcio Comex for $2.3 billion.
 
On Friday, the Pittsburgh-based PPG Industries said it had received a favorable ruling from Mexico’s competition watchdog to complete the purchase, which came after the Mexican company’s deal to sell to U.S. rival Sherwin-Williams Co fell through.
 
Mexico’s federal competition authority twice rejected Sherwin-Williams’ proposed $2.34 billion takeover offer for Comex last year, saying it would create unfair market conditions.
 
“We’re happy to have completed this acquisition, which is the second largest in the history of our company,” Charles Bunch, PPG Industries’ chief executive officer, said in a statement.
 
The purchase of the privately held Comex is the latest in a string of Latin American investments PPG has made in recent months. (Reporting by Gabriel Stargardter; Editing by David Gregorio)

comments closed

Related News

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach