Comex Group
Comex Group is a Mexican paint and coatings manufacturer and distributor with operations and retail distribution across North America.
Last updated August 26, 2026
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Overview
Comex Group is a Mexican paint and coatings business focused on decorative paints, industrial coatings, waterproofing products, and related surface-protection materials. The company is associated with one of the largest paint retail and distribution networks in Mexico and has also operated through stores, retailers, and manufacturing facilities in the United States and Canada. Reference material describes Comex as the fourth-largest paint manufacturer and distributor in North America, with approximately 3,300 locations at the time covered by the source. The business has historically combined manufacturing with a branded retail network. Its products have been distributed through dedicated Comex stores as well as independent or external retailers. In the United States and Canada, the cited 2013 figures included 234 Comex stores in the United States, 80 Comex stores in Canada, and approximately 1,500 external Canadian retailers. The same material identifies five manufacturing sites in the United States and three in Canada, illustrating that the brand's North American presence extended beyond sales outlets into production and supply operations. Comex became the subject of a major cross-border acquisition contest in the early 2010s. Sherwin-Williams agreed in November 2012 to acquire Consorcio Comex S.A. de C.V., described as Mexico's largest paint manufacturer, in a transaction valued at approximately $2.34 billion including debt. Mexico's competition authority rejected the proposed acquisition in November 2013 on antitrust grounds. PPG Industries subsequently agreed to acquire Comex for approximately $2.3 billion, while Sherwin-Williams separately acquired Comex's United States and Canadian operations for $165 million. The attempted transaction and subsequent litigation reflected the strategic importance of Comex's Mexican market position and retail network. The brand also became briefly prominent in Mexican social-media discussion in 2015 after publishing an unauthorized edited image involving then-president Enrique Peña Nieto. The company removed the post and apologized after it was widely circulated, stating that the image had not received approval before publication. In January 2016, Comex opened what the cited material described as its 4,000th store in Mexico, marking the scale of its domestic retail footprint. Comex's positioning is therefore rooted in broad availability, architectural and maintenance coatings, and a strong Mexican retail identity. The available reference material does not provide a complete current ownership structure, executive roster, founding date, detailed product catalog, or official corporate website, so those fields are left unspecified.
History
Comex Group developed as a Mexican paint and coatings enterprise serving architectural, maintenance, and related surface-protection markets. The available reference material does not establish a founding year or identify a founder, but it characterizes Comex as Mexico's largest paint manufacturer during the period of the attempted Sherwin-Williams acquisition. Its business model combined product manufacturing with extensive branded distribution, including dedicated Comex stores and third-party retailers. By 2013, Comex had a significant North American operating footprint. The cited figures describe 234 Comex stores in the United States, 80 Comex stores in Canada, and approximately 1,500 external Canadian retailers. The company also operated five manufacturing sites in the United States and three in Canada. The broader network was described as comprising about 3,300 locations, while a later company milestone recorded the opening of the 4,000th store in Mexico in January 2016. These figures come from different dates and geographic scopes and should not be treated as a single contemporaneous store count. Comex's ownership and strategic importance became especially visible in 2012. Sherwin-Williams, the large United States paint retailer and manufacturer, agreed in November of that year to acquire closely held Consorcio Comex S.A. de C.V. The reported value was approximately $2.34 billion including debt. The transaction would have expanded Sherwin-Williams' position in Mexico, but Mexico's Comisión Federal de Competencia rejected the deal in November 2013 on antitrust grounds. Following the failed Sherwin-Williams bid, PPG Industries agreed to buy Comex for a reported $2.3 billion. The reference material also states that Sherwin-Williams acquired Comex's United States and Canadian operations for $165 million. The sequence produced a divided transaction outcome between the Mexican business and the North American operations outside Mexico. Comex later sued Sherwin-Williams, alleging that the company had not made sufficient efforts to complete the original acquisition. The available material does not provide the litigation's final disposition. In July 2015, Comex attracted attention for a social-media post tied to an image of Enrique Peña Nieto and Felipe VI of Spain. The company published an edited image showing Peña Nieto standing on one of its paint containers, accompanied by Spanish wording referring to a 'paint of stature.' The post was widely retransmitted, then deleted. Comex issued an apology and said that the image had gone live without the required approval. This episode is best understood as a social-media governance controversy rather than a product or regulatory scandal. In January 2016, Comex opened its 4,000th store in Mexico. The milestone underscored the brand's emphasis on retail reach and national market coverage. Beyond these events, the supplied sources do not document a complete current corporate structure, executive history, product-level launches, financial statements, or present-day ownership. Comex is therefore documented here primarily as a Mexican paint and coatings brand with a large retail network and a history of attempted acquisition by major international coatings companies.
- 2016
Opening of the 4,000th Mexican store
[1]Comex opened its 4,000th store in Mexico, according to the cited reference material.
- 2015
Social-media image controversy
[1]Comex deleted and apologized for an unauthorized edited image involving Enrique Peña Nieto after it became widely circulated.
- 2013
Mexican competition authority blocks proposed deal
[1]Mexico's Comisión Federal de Competencia rejected the Sherwin-Williams transaction on antitrust grounds.
- 2013
Alternative acquisition and regional-operations transaction
[1]PPG Industries agreed to acquire Comex for approximately $2.3 billion, while Sherwin-Williams acquired Comex's United States and Canadian operations for $165 million.
- 2012
Sherwin-Williams announces proposed Comex acquisition
[1]Sherwin-Williams agreed to acquire Consorcio Comex S.A. de C.V. in a deal reported at approximately $2.34 billion including debt.
Products and positioning
A large Mexican paint and coatings brand built around extensive domestic retail distribution and a wider North American manufacturing and sales footprint.
Paints
Decorative paints
Comex's core offering includes paints for residential, commercial, and other architectural applications. The available source identifies the company broadly as a paint manufacturer and distributor but does not provide a verified list of individual ranges, finishes, colors, or formulations.
Construction and maintenance coatings
Waterproofing products
Waterproofing is identified as a major part of Comex's business alongside paint. These products are associated with protecting building surfaces from water penetration and weather exposure, although the supplied material does not specify product names or technical specifications.
Coatings
Industrial and protective coatings
Comex is described as selling paints and coatings, supporting a category that includes industrial and surface-protection applications in addition to decorative use. The reference material does not identify particular industrial product families or launch dates.
Controversies
Marketing campaigns
- 2015Una pintura de altura social-media post
Mexico
Comex posted an edited image of Enrique Peña Nieto standing on a Comex paint container, using a phrase meaning roughly 'a paint of stature.' The post referenced a widely discussed photograph involving Peña Nieto and Spain's Felipe VI.
Outcome. The image was widely retransmitted, then deleted. Comex apologized and stated that the material had not been approved before publication.
Brand decisions
2013
Pursue alternative PPG transactionM&ABackground
The Sherwin-Williams acquisition was rejected by Mexico's competition authority on antitrust grounds.
Action taken
PPG Industries agreed to buy Comex for approximately $2.3 billion, while Sherwin-Williams acquired the United States and Canadian operations for $165 million.
Aftermath
The transaction sequence separated the Mexican business from the United States and Canadian operations. Comex later sued Sherwin-Williams over its efforts to complete the original deal; the supplied material does not state the final outcome.
Reported acquisition values. $2.3 billion for Comex; $165 million for United States and Canadian operations (2013)
- Sherwin-Williams — Sherwin-Williams acquired Comex's United States and Canadian operations and was later sued by Comex over the failed broader transaction.
2012
Accept proposed Sherwin-Williams acquisitionM&ABackground
Sherwin-Williams sought to acquire Mexico's major paint manufacturer and expand its position in the Mexican coatings market.
Action taken
Consorcio Comex S.A. de C.V. entered into the proposed acquisition, reported at approximately $2.34 billion including debt.
Aftermath
Mexico's competition authority rejected the transaction in November 2013 on antitrust grounds.
Proposed transaction value including debt. $2.34 billion (2012 announcement)
- PPG Industries — PPG Industries subsequently agreed to acquire Comex after the Sherwin-Williams proposal was blocked.
Recent events
- 2016
Comex opens its 4,000th store in Mexico[1]
Other
Comex announced the opening of its 4,000th Mexican store, highlighting the scale of its domestic retail network.
- 2013
Mexico rejects Sherwin-Williams' Comex acquisition on antitrust grounds[1]
M&A · Regulation
Mexico's Comisión Federal de Competencia rejected the proposed Sherwin-Williams acquisition, citing competition concerns.
- 2013
PPG agrees to acquire Comex[1]
M&A
After the Mexican antitrust decision affecting Sherwin-Williams' bid, PPG Industries agreed to buy Comex in a transaction reported at approximately $2.3 billion.
- 2013
Sherwin-Williams acquires Comex operations in the United States and Canada[1]
M&A
Sherwin-Williams purchased Comex's United States and Canadian operations for a reported $165 million after the proposed acquisition of the Mexican business was blocked.
- 2012
Sherwin-Williams agrees to acquire Comex[1]
M&A
Sherwin-Williams agreed to acquire Consorcio Comex S.A. de C.V. in a transaction reported at approximately $2.34 billion including debt. The proposed deal was intended to give Sherwin-Williams access to Mexico's leading paint manufacturer.
Sources1 sources
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