|
Sherwin-Williams Closes 7th Acquisition of 2007
Acquires Flex Recubrimientos
Leading Mexico Based Automotive Coatings Manufacturer and Distributor will
Join the Growing Global Sherwin-Williams Automotive Finishes Subsidiary
CLEVELAND, OHIO, January 4, 2008– The Sherwin-Williams Company (NYSE: SHW) announced they have acquired certain assets of Flex Recubrimientos, Acabados Automotrices and related companies. The purchase price was not disclosed.
Headquartered in Monterrey Mexico, the privately owned companies are leading manufacturers and distributors of automotive after-market body fillers, putties, primers and other vehicle refinish products.
With 150 associates, the Flex group of companies has built a strong market share and distribution presence in Northern Mexico with sales of approximately $14Million US.
Founded in 1971, the Flex group has a long history of innovative research and development creating products tailored to the Mexican automotive after-market along with outstanding customer service to 675 distributors.
The Flex group currently operates a manufacturing facility in Monterrey with distribution warehouses in Monterrey, Mexico City, Guadalajara and Tijuana.
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, said " this seventh acquisition of 2007 is another positive step in our overall global strategy of steady growth and expansion with a quality set of products and people who provide excellent service to our customers. We are pleased to bring the Flex group, a well-respected Mexican company, and their employees into the Sherwin-Williams family.
Thomas C. Hablitzel, President and General Manager of Sherwin-Williams Automotive Finishes pointed out "this latest acquisition will continue to strengthen our geographical integration all across Mexico with exciting growth opportunities, an enhanced product range, more technologically advanced products and an expanding distribution platform to better serve existing and new customers."
Flex group owner, Francisco Perez Moreno said "Sherwin Williams is a very well managed and highly respected multi-national company and we are very excited about this acquisition and are confident it will allow us to provide a stronger level of service and support to our customers, both now and in the future."
Sherwin-Williams Automotive Finishes Corporation
Sherwin-Williams Automotive Finishes Corporation (SWAFC), a wholly-owned subsidiary of The Sherwin-Williams Company, manufactures and distributes a complete line of advanced technology paint and coating systems for automotive and fleet refinishing industries in 91 countries around the globe including Latin America, Europe, China and India. SWAFC currently operates 200 company owned stores across the U.S. and Canada. For more information, visit www.sherwin-automotive.com.
The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a world leader in the manufacture, development, distribution and sale of coatings and related products to professional, industrial, commercial and retail customers. The Company manufactures products under well-known brand names such as Sherwin-Williams, Dutch Boy, Krylon, Minwax, Thompson's Water Seal and many more. Sherwin-Williams branded products are sold exclusively through a chain of 3,226 company-operated stores, while the company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors throughout North America. The Sherwin-Williams Global Group distributes a wide range of products in more than 30 countries around the world.
|
