By Colin Kellaher

Sherwin-Williams Co. (SHW) on Thursday said it will invest at least $600 million in a new headquarters and research-and-development center in the Cleveland area, allaying fears that the paint maker would leave its long-time home.

The company said 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.

Sherwin-Williams, which was founded in Cleveland in 1866 and has occupied its current headquarters building in the city since 1930, last year said it would consider locations in Cleveland, northeast Ohio and several other states for the new facilities.

The company said the two facilities will house more than 3,500 employees, with room for significant future growth. Sherwin-Williams said it expects to add at least 400 jobs at the sites over time for an 11% increase over its current local workforce.

Sherwin-Williams said the move to the new facilities won't occur until 2023 at the earliest.

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

(END) Dow Jones Newswires

February 06, 2020 08:45 ET (13:45 GMT)

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