The Sherwin-Williams Co. (NYSE: SHW) will acquire Consorcio Comex S.A. de C.V., a paint and coatings manufacturer headquartered in Mexico City, for $2.4 billion.

The purchase price includes debt that Sherwin Williams will assume.

Sherwin Williams, which also sells paint and coatings, hopes the deal will expand its distribution capabilities. Consorcio Comex has annual sales of $1.4 billion.

The buyer, headquartered in Cleveland, makes Boy, Drylon, Minwax, Thompson’s, Water Seal and Altax products, among other brands.

James Dougherty, Javier Martinez and Jose Estandia from Jones Day advised Sherwin Williams on the deal.

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