PPG Industries to take over Mexican coatings manufacturer
U.S. chemicals maker PPG Industries Inc. announced it has reached an agreement to take over Mexican architectural and industrial coatings firm Consorcio Comex for $2.3 billion, as part of the planned expansion of its coatings business portfolio across the globe.
PPG will pay for the acquisition in cash and short-term investments, but the company is also looking at the possibility of funding some portion of the deal through debt. As of March 31, 2014, PPG reported $3 billion of cash and short-term investments on hand. The deal is subject to regulatory approval, as well as customary closing conditions, the chemical company said.