The Sherwin-Williams Company has agreed to buy Mexican paint and coatings firm Consorcio Comex, S.A. de C.V. for $2.34 billion, the parties announced Monday.

The U.S. company is a global leader in coatings and related products.

With 7,200 employees, Comex produces paint for construction and industrial uses at 16 plants, including five in the United States and three in Canada.

Comex was founded in 1952 and had total sales last year of $1.4 billion.

For Comex Group CEO Marcos Achar Levy, the transaction with Sherwin-Williams, still subject to U.S., Mexican and Canadian regulatory approval, "strengthens Comex for its future growth."

"I am confident that joining the Sherwin-Williams family will provide an outstanding future for our employees and customers," he said.

"Sherwin-Williams and Comex Group are an ideal fit in every respect - geographically, strategically and culturally," Christopher M. Connor, Chairman and CEO of Sherwin-Williams, said.

"This transaction will significantly increase our presence in markets where our store count is low, it builds upon our strategy to grow our architectural paint business in the Americas and it brings a high-quality, dedicated team of employees to Sherwin-Williams," the head of the Ohio-based giant said. EFE