Paint manufacturer The Sherwin-Williams Company upheld its longtime motto to “cover the Earth” with its proposed acquisition, announced Monday, of Mexican paint maker Consorcio Comex for $2.34 billion.

The all-cash deal, which includes the assumption of debt in an amount to be determined at the deal’s closing, will expand Cleveland, Ohio-based Sherwin-Williams’s reach into Latin America. That region accounted for 66 percent of privately-held Comex’s $1.4 billion in sales in 2011.