18 April 2013 21:17 [Source: ICIS news]
HOUSTON (ICIS)--Mexico's long-term outlook for paint demand is strong because of the country's economic growth, an executive at Sherwin-Williams said on Thursday.
Mexico is creating households at a much faster rate than the US, said Robert Wells, senior vice president of corporate communications for Sherwin-Williams. Wells made his comments during a conference call.
Plus, Mexico is a young market, with more than 40% of the population under the age of 34, Wells said.
"From a construction and maintenance standpoint, Mexico is going to be very attractive," Wells said. "Our business in Mexico has been performing well."
The country, though, had a rough year in 2012 because of foreclosures, he said.
In Brazil, housing and construction have been slightly off, said Christopher Connor, CEO. Meanwhile, the country, by its own admission, is behind on the construction projects for the upcoming World Cup soccer tournaments.
"The slowdown and softness in the Brazilian economy is much broader than just preparing for these games," Connor said.
Nonetheless, Sherwin-Williams remains optimistic about the long-term prospects for Brazil, and the company continues to strengthen its operations there, Connor said.
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