CLEVELAND, July 18, 2013 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced that last evening the Federal Competition Commission of Mexico informed the Company that by a 3-2 vote the acquisition of Consorcio Comex, S.A. de C.V. announced on November 12, 2012 was not authorized by the Commission. The Company is reviewing the rationale for the Commission's decision and expects to respond to the Commission's concerns in the near future.
Commenting on the Commission's decision, Christopher M. Connor, Chairman and Chief Executive Officer, said, "We are disappointed by this decision, but remain hopeful that we can adequately address the Commission's objections and proceed with the transaction."
The Company will comment further on the Commission's decision during its second quarter 2013 earnings conference call scheduled for 11:00 AM ET today.
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of coatings and related products to professional, industrial, commercial, and retail customers.This press release contains certain "forward-looking statements," as defined under U.S. federal securities laws. These forward-looking statements are based upon management's current expectations, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, that could cause actual results to differ materially from such statements and from the Company's historical results and experience. These risks, uncertainties and other factors are described from time to time in the Company's reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.