CLEVELAND, Sept. 12, 2019 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) today announced it has initiated a process to explore options for a new R&D facility and a new global headquarters. This action comes as a result of the company's ongoing review of its facilities requirements as it seeks to best meet the current and future needs of its customers and employees.
"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 Sherwin-Williams Chairman and Chief Executive Officer John G. Morikis. "Given the limitations of our current footprint and driven by the needs of our customers, we are exploring options that will help us to accelerate productivity and efficiency, enhance technology and innovation, enable greater collaboration, support recruitment and retention and reduce maintenance costs over the long term."
As part of the exploratory process, Sherwin-Williams will consider multiple potential sites, including locations in Cleveland, Northeast Ohio and several other states. Any transition to new facilities is not expected to occur until 2023 at the earliest and would require Board approval.
Sherwin-Williams' current headquarters at 101 W. Prospect Avenue in Cleveland, Ohio, has been its home since 1930. The company operates multiple facilities in Northeast Ohio which are home to approximately 4,400 employees.
Sherwin-Williams will update employees and external stakeholders on an ongoing basis as the multi-year process goes forward. In the meantime, Sherwin-Williams will continue to focus its efforts on the service, quality and innovations that fuel the company's commitment to help customers around the world succeed.
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 4,900 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.
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SOURCE The Sherwin-Williams Company