CLEVELAND, Feb. 6, 2020 /PRNewswire/ -- The Sherwin-Williams
Company (NYSE: SHW) today announces it is finalizing plans to build
a new global headquarters in downtown Cleveland and a new R&D center in the
Cleveland suburb of Brecksville. The plans follow an extensive
competitive site selection process and are contingent upon
completion of standard due diligence, approvals of incentives and
other matters at the state, county and city levels, and resolution
of business and legal matters that accompany such major real estate
investment projects.
"Our plans to continue investing in Cleveland and Northeast Ohio build on our 154-year legacy as
one of the region's top employers and drivers of economic
activity," says Sherwin-Williams Chairman and Chief Executive
Officer John G. Morikis. "Driven by
our continued need to serve our customers at the highest level and
retain and attract top talent, we intend to create a
next-generation workplace environment that ignites creativity,
collaboration and industry-leading innovation. We currently operate
out of a 90-year-old headquarters building that has served us well
but is no longer conducive to meeting our future needs. The major
planned investment in Cleveland
and Northeast Ohio we are
announcing today reflects our confidence in the continued strength
of the region and its people and our public partners' ability to
deliver on their commitments."
Preliminary plans call for Sherwin-Williams to invest a minimum
of $600 million to build both facilities. The planned new
global headquarters would be in downtown Cleveland just west of Public Square between
Saint Clair Avenue and Superior Avenue and would be approximately
1,000,000-square-feet in size. The planned new R&D center would
be in Brecksville, conveniently
located off I-77 at Miller Road and Brecksville Road. The R&D
center would serve as the corporate anchor for a new mixed-use
development project and would be approximately 500,000-square-feet
in size.
Combined, the two facilities would house more than 3,500
employees with room to accommodate significant future growth.
Sherwin-Williams estimates it would add a minimum of 400 jobs at
these facilities over time, an increase of 11 percent to the
Company's current local workforce. Many of these jobs will include
professional staff, engineers and chemists.
Sherwin-Williams is working with several state and local
partners on this project, including the State of Ohio, JobsOhio, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the
City of Cleveland and the
City of Brecksville. Approvals of
the Company's economic development packages and other matters
remain pending and are expected over the next several months.
"The process to date has been an outstanding example of an
effective public-private partnership, with particularly strong
leadership from Ohio Governor
Mike DeWine and Lieutenant Governor
Jon Husted," adds Morikis. "JobsOhio
President J.P. Nauseef, Ohio
Development Services Agency Director Lydia
Mihalik, Cuyahoga County Executive Armond Budish and his economic development team,
Cuyahoga County Council President Dan
Brady, City of Cleveland
Mayor Frank Jackson, Cleveland City
Council President Kevin Kelley, the
City of Cleveland's economic
development team, Brecksville
Mayor Jerry Hruby and Brecksville
City Council President Mike Harwood
all have demonstrated ongoing support for our Company's ongoing
success as we near the final stages of our plans. We also thank
Team NEO, the Greater Cleveland Partnership (GCP), Downtown
Cleveland Alliance (DCA) and Cleveland-Cuyahoga County Port Authority for
their work and assistance."
The Company's public and private partners estimate significant
positive economic impact in Cleveland and the State of Ohio driven by jobs, payroll, tax
revenue, incremental jobs created by companies supplying goods on
the projects, and the recirculation of wages throughout the
regional economy. Sherwin-Williams current local footprint in
Cuyahoga County including the
City of Cleveland has generated
more than $4 billion in employee
payroll and $140 million in taxes
over the past 10 years. Based on current site plans, the
City of Cleveland estimates that
when the new global headquarters is occupied, the Cleveland Metropolitan School District will
receive an estimated $3 million in
additional annual revenue from Sherwin-Williams.
"We are pleased to be a partner with Sherwin-Williams on this
highly competitive project," says Ohio Governor Mike
DeWine. "The state of Ohio, JobsOhio and our regional and local
economic development partners have been focused on keeping one of
Ohio's leading companies right
here where they belong. Sherwin-Williams is an important part of
the Cleveland and Northeast Ohio community, and the announcement
today will provide good jobs and strong economic activity for
Ohioans for years to come."
Sherwin-Williams has conducted a national search and explored
multiple potential sites in other states as part of this project.
The Company acknowledges their efforts and appreciates the
thoroughness of the offers received. After a detailed analysis, the
proposals from the State of Ohio,
JobsOhio, Cuyahoga County, the
City of Cleveland and the
City of Brecksville have proven to
be the most attractive in enhancing our ability to serve customers
and retain and attract top talent over the long term.
"Sherwin-Williams has been a tremendous asset to our community,
and we're pleased to see their planned commitment for continued
growth," says County Executive Armond
Budish. "This project again demonstrates that our region can
compete on the national stage, and we intend to use this model as
an example for other companies to locate in Northeast Ohio."
Over the past 10 years, the Sherwin-Williams Foundation, the
Company and its employees have given more than $20 million to support local communities in
Northeast Ohio. Sherwin-Williams
employees also serve on more than 100 non-profit boards in
Northeast Ohio. This philanthropic
spirit contributed to the Company's plans to remain in Cleveland and Northeast Ohio.
"Sherwin-Williams has been a part of the fabric of our community
for 154 years. A new global headquarters in Cleveland lays the foundation for the next
chapter for both Sherwin-Williams and our city's history," says
City of Cleveland Mayor
Frank G. Jackson. "Cleveland has two of the largest business
districts in Ohio, with
world-class health care and arts and entertainment options, all
connected to our thriving residential neighborhoods. The robust and
vibrant quality of life here attracts the world's best and
brightest talent, as does our proximity to 25 colleges and
universities in Northeast Ohio.
Sherwin-Williams recognizes these important strengths of
Cleveland."
"We are excited about Sherwin-Williams plans, which would bring
an infusion of jobs and additional tax revenue into our community,"
says Brecksville Mayor
Jerry Hruby. "We believe the new
R&D center in Brecksville
would be a catalyst to attract increased office, residential,
hospitality and retail investment."
The R&D center and global headquarters project continues to
be a multi-year process. The transition to the new facilities is
not expected to occur until 2023 at the earliest. No announcements
have been made regarding construction partners, and no decisions
have been made regarding the disposition of the Company's current
R&D center and headquarters, located in Cleveland at Canal Road and W. Prospect
Avenue, respectively.
For ongoing updates on the Company's new R&D center and new
global headquarters, please visit buildingourfuture.com.
About Sherwin-Williams
Founded in 1866, The
Sherwin-Williams Company is a global leader in the manufacture,
development, distribution, and sale of paints, coatings and related
products to professional, industrial, commercial, and retail
customers. Sherwin-Williams manufactures products under well-known
brands such as Sherwin-Williams®, Valspar®,
HGTV HOME® by
Sherwin-Williams, Dutch Boy®,
Krylon®, Minwax®, Thompson's® Water
Seal®, Cabot® and many more. With global
headquarters in Cleveland, Ohio,
Sherwin-Williams® branded products are sold
exclusively through a chain of more than 5,000 company-operated
stores and facilities, while the company's other brands are sold
through leading mass merchandisers, home centers, independent paint
dealers, hardware stores, automotive retailers, and industrial
distributors. The Sherwin-Williams Performance Coatings Group
supplies a broad range of highly-engineered solutions for the
construction, industrial, packaging and transportation markets in
more than 120 countries around the world. Sherwin-Williams shares
are traded on the New York Stock Exchange (symbol: SHW). For more
information, visit www.sherwin.com.
Investor Relations Contact
Jim Jaye
Senior Vice President, Investor Relations & Corporate
Communications
216-515-8682
james.r.jaye@sherwin.com
Eric Swanson
Vice President, Investor Relations
216-566-2766
eric.r.swanson@sherwin.com
Media Contact
Julie
Young
Vice President, Global Corporate Communications
216-515-8849
corporatemedia@sherwin.com
This press release contains certain "forward-looking statements"
about Sherwin-Williams. These statements can be identified by the
use of forward-looking terminology such as "believe," "expect,"
"may," "will," "should," "project," "could," "plan," "goal,"
"potential," "seek," "intend" or "anticipate" or the negative
thereof or comparable terminology. These forward-looking statements
are based upon management's current expectations, estimates,
assumptions and beliefs concerning future events and conditions.
Readers are cautioned not to place undue reliance on any
forward-looking statements. Forward-looking statements are
necessarily subject to risks, uncertainties and other factors, many
of which are outside the control of Sherwin-Williams that could
cause actual results to differ materially from such statements and
from Sherwin-Williams' historical results and experience. These
risks, uncertainties and other factors include such things as:
general business conditions; approvals of project incentives and
other matters, completion of standard due diligence and resolution
of business and legal matters relating to the project;
Sherwin-Williams' ability to successfully integrate past and future
acquisitions into its existing operations, as well as the
performance of the businesses acquired; strengths of retail and
manufacturing economies and the growth in the coatings industry;
changes in Sherwin-Williams' relationships with customers and
suppliers; changes in raw material availability and pricing;
adverse weather conditions; and other risks, uncertainties and
factors described from time to time in Sherwin-Williams' reports
filed with the SEC. Since it is not possible to predict or identify
all of the risks, uncertainties and other factors that may affect
future results, the above list should not be considered a complete
list. Any forward-looking statement speaks only as of the date on
which such statement is made, and Sherwin-Williams undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE The Sherwin-Williams Company