By Colin Kellaher

Sherwin-Williams Co. (SHW) on Thursday said it is exploring options for a new research-and-development facility and a new global headquarters, a process that could see the paint maker leave its long-time home in Cleveland.

Sherwin-Williams said it will consider multiple potential sites, including locations in Cleveland, northeast Ohio and several other states, adding that any move wouldn't occur until 2023 at the earliest.

Sherwin-Williams was founded in Cleveland in 1866 and has occupied its current headquarters building in the city since 1930.

"The company's significant growth and global expansion over the last several decades has resulted in a less than optimal configuration of headquarters, offices and R&D facilities across multiple locations," said John Morikis, the company's chairman and chief executive.

Sherwin-Williams said it is exploring options that will help accelerate productivity and efficiency while reducing maintenance costs.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 12, 2019 08:37 ET (12:37 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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