PITTSBURGH--(BUSINESS WIRE)--Nov. 5, 2014--
PPG Industries (NYSE:PPG) today announced that it has finalized the
acquisition of Consorcio Comex, S.A. de C.V. (“Comex”), an architectural
coatings company with headquarters in Mexico City, in a transaction
valued at $2.3 billion.
“We are pleased to have successfully completed this acquisition, the
second-largest in our company’s history, as it adds a leading
architectural coatings business in Mexico and Central America to our
portfolio,” said Charles E. Bunch, PPG chairman and CEO. “We look
forward to working with the Comex team as we integrate the business into
PPG.”
Comex manufactures coatings and related products in Mexico and sells
them in Mexico and Central America through more than 3,700 stores that
are independently owned and operated by more than 700 concessionaires.
Comex also sells its products through regional retailers and
wholesalers, and directly to customers. The company has approximately
3,900 employees, eight manufacturing facilities and six distribution
centers, and it had sales of approximately $1 billion in 2013. Comex was
founded in 1952.
Members of the media can find additional information at http://newsroom.ppg.com.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries' vision is to continue to be the world’s leading coatings
and specialty materials company. Through leadership in innovation,
sustainability and color, PPG helps customers in industrial,
transportation, consumer products, and construction markets and
aftermarkets to enhance more surfaces in more ways than does any other
company. Founded in 1883, PPG has global headquarters in Pittsburgh and
operates in nearly 70 countries around the world. Reported net sales in
2013 were $15.1 billion. PPG shares are traded on the New York Stock
Exchange (symbol: PPG). For more information, visit www.ppg.com
and follow @PPGIndustries
on Twitter.
Forward-Looking Statements
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 reflecting the
company’s current view with respect to future events or objectives and
financial or operational performance or results. The forward-looking
statements contained herein include statements relating to the expected
benefits of the Comex acquisition. Actual events may differ materially
from current expectations and are subject to a number of risks and
uncertainties, including risks relating to any unforeseen liabilities,
future capital expenditures, revenues, expenses, earnings, synergies,
economic performance, indebtedness, financial condition, losses and
future prospects; business and management strategies and the expansion
and growth of PPG’s operations; PPG’s ability to integrate the acquired
business successfully after the closing of the acquisition and to
achieve anticipated synergies; the risk that disruptions from the
acquisition will harm PPG’s businesses; and the other risks and
uncertainties discussed in PPG Industries’ periodic reports on Form 10-K
and Form 10-Q, and its current reports on Form 8-K filed with the
Securities and Exchange Commission. Forward-looking statements speak
only as of the date of their initial issuance, and PPG Industries does
not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, PPG Corporate
Communications, 412-434-3046
silvey@ppg.com
or
Investors:
Vince
Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com