Shares of coatings giant PPG Industries ( PPG ) shot up to a new high after it agreed to buy Mexico's leading paint company – Consorcio Comex S.A. de C.V. – for $2.3 billion to reinforce its architectural coatings business in Mexico and Central America. The acquisition is subject to regulatory clearances and other closing conditions. Privately-held Comex, which had revenues of roughly $1 billion last year, makes architectural and industrial coatings and related products in Mexico. The company has 8 manufacturing facilities and 6 distribution centers and markets its products through around 3,600 stores in Mexico and Central America. PPG Industries' shares climbed as much as 4.4% in the trading session following the announcement to strike a new 52-week high of $213.01 yesterday. The stock pulled back to eventually close the day at $210.15, gaining around 3%. The deal comes after U.S. paint major Sherwin-Williams ( SHW ) ended its pursuit of Comex's Mexican business in Apr 2014.