Industry News

Professional Paint, Inc. Acquires Color Wheel

Published on 2006-06-02. Author : SpecialChem

Professional Paint, Inc. (PPI) the U.S. subsidiary of Comex (Consorcio Comex S.A. de C.V.), the leading paint and coatings manufacturer in Latin America and the fifth largest North American paint manufacturer announced that it has acquired, through a wholly owned subsidiary, the operating assets of Color Wheel Paint Mfg. Co., Inc. (Color Wheel).

Color Wheel, based in Orlando, Florida, is a major regional manufacturer of high quality architectural paints and coatings. Included in the acquisition are Color Wheel's plant and thirty-seven (37) service centers.

According to Marcos Achar, Chairman of Comex, "We are enthusiastic about the addition of another strong regional business to our growing portfolio of companies. The acquisition of Color Wheel further demonstrates our commitment to expanding Comex's presence throughout North America.

Kent Child, Chief Executive Officer of PPI added, "Color Wheel is a well managed company with a strong brand name that gives PPI a significant position in the fast growing region of the southeast U.S. I am excited about the future expansion opportunities that Color Wheel presents and look forward to working with their management team and employees to develop these opportunities. Color Wheel will operate as a stand alone division and will realize substantial synergies from its interaction with the other PPI companies".

From Color Wheel's perspective, Don Strube Sr., Co-founder of Color Wheel, states that "becoming part of the PPI family of companies will enhance the strength of Colo r Wheel, provide new opportunities for our employees, and deliver the benefits of national and international resources to our customers. Our mission remains to expand the Color Wheel brand. Our commitment to our customers and our dedication to our employees is steadfast. Joining with PPI gives Color Wheel a unique opportunity to continue to achieve our ambitious growth expectations while preserving our corporate values."

Source: Color Wheel Paint Mfg. Co.

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