U.S. chemicals maker PPG Industries Inc. announced it has reached an agreement to take over Mexican architectural and industrial coatings firm Consorcio Comex for $2.3 billion, as part of the planned expansion of its coatings business portfolio across the globe.

PPG will pay for the acquisition in cash and short-term investments, but the company is also looking at the possibility of funding some portion of the deal through debt. As of March 31, 2014, PPG reported $3 billion of cash and short-term investments on hand. The deal is subject to regulatory approval, as well as customary closing conditions, the chemical company said.