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The Sherwin-Williams Company, a global leader in the paint and coatings industry, was founded in 1866 and has its global headquarters in Cleveland, Ohio. The company engages in the development, manufacture, distribution, and sale of paints, coatings, and related products. It serves professional, industrial, commercial, and retail customers across North and South America, Europe, and Asia. Sherwin-Williams operates through three main segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group.
The Paint Stores Group is the largest segment, selling Sherwin-Williams branded architectural paints and coatings, industrial and marine products, and original equipment manufacturer product finishes through over 5,000 company-operated stores. This segment targets professional end-users such as contractors and painting professionals.
The Consumer Brands Group distributes branded products through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. Some of its well-known brands include Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, and Cabot®.
The Performance Coatings Group provides a broad range of highly-engineered solutions for the construction, industrial, packaging, and transportation markets across over 120 countries. The segment covers various applications such as automotive refinishing, protective and marine coatings, and general industrial finishes.
Recently, Sherwin-Williams has reported strong financial performance, with significant sales and margin growth across its segments. The company has been actively involved in strategic acquisitions and divestitures to streamline operations and focus on core growth areas. For instance, it has divested a non-core aerosol business in the U.S. and its China architectural business while acquiring German-based SIC Holding GmbH, enhancing its capabilities in the industrial wood and automotive coatings markets.
In its latest financial results, Sherwin-Williams reported record sales and earnings, with consolidated net sales reaching $23.05 billion and adjusted diluted net income per share increasing by 18.6% to $10.35 per share for the full year 2023. The company also generated strong operating cash flow, returning $2.06 billion to shareholders through dividends and share repurchases.
Looking forward, Sherwin-Williams continues to invest in growth initiatives, including new store openings, customer-focused innovation, and digital technologies, ensuring it remains a market leader. The company has a proven strategy and is well-positioned to navigate the variable demand environment across different regions and end-markets, maintaining its focus on creating shareholder value.
Sherwin-Williams has officially begun construction on its new global Research and Development Center in Brecksville, Ohio. The facility, part of the Building Our Future project, spans 600,000 square feet and aims to foster innovation in product development and coatings research. The total investment for both the R&D Center and a new global headquarters in Cleveland is over $600 million. This initiative will create approximately 400 new jobs, increasing the local workforce by 11%. The R&D Center is expected to open by late 2024.
The Sherwin-Williams Company (NYSE: SHW) has announced a quarterly dividend of $0.55 per common share. This dividend will be payable on December 3, 2021, to shareholders of record as of November 19, 2021. This announcement reflects the company's ongoing commitment to return value to its shareholders, indicating confidence in its financial stability and performance.
The Sherwin-Williams Company (NYSE: SHW) will announce its third-quarter financial results for 2021 before market opening on October 26, 2021. The release will include insights into the company's financial condition and operating segment results, accessible via their investor relations page. Following the release, a conference call led by Chairman and CEO John Morikis will take place at 11:00 a.m. EDT to discuss results and the company's outlook for the fourth quarter and full year 2021.
The Sherwin-Williams Company (NYSE: SHW) has updated its sales and earnings guidance for Q3 and full year 2021, narrowing Q3 consolidated net sales expectations to flat or slightly down compared to 2020. Diluted net income per share is now projected between $1.80 and $1.90. Full year sales are expected to rise by a high single-digit percentage, while net income per share guidance is lowered to $7.21-$7.41, including a loss of $0.34 per share from the Wattyl divestiture. Additionally, the company is acquiring Specialty Polymers, Inc. to enhance production capacity amidst raw material challenges.
The Sherwin-Williams Company (NYSE: SHW) has selected five minority and female-owned firms for construction management in its Building Our Future project, which includes a new global headquarters in Cleveland and an R&D center in Brecksville. The project will require a minimum investment of $600 million and aims to create over 400 jobs, representing an 11% increase in the local workforce. The new facilities will accommodate over 3,500 employees across approximately 1,000,000 square feet for the headquarters and 600,000 square feet for the R&D center.
The Sherwin-Williams Company (NYSE: SHW) has revised its third quarter 2021 net sales guidance to project a change of low-single digits compared to Q3 2020, while maintaining its full-year guidance for sales growth in the high-single to low-double digit range. Diluted net income per share guidance stays unchanged at $8.01 to $8.31, reflecting acquisition-related expenses and losses from the Wattyl divestiture. The company cites continued strong demand but warns of significant raw material availability issues, exacerbated by Hurricane Ida, expected to negatively impact sales by a high-single-digit percentage for Q3.
The Sherwin-Williams Company (NYSE: SHW) announced an agreement to acquire Sika AG's European industrial coatings business, expected to close in early 2022. This acquisition, valued at approximately $82 million, aims to enhance Sherwin-Williams' performance coatings segment, leveraging Sika's corrosion protection systems for various infrastructures. Approximately 130 employees from Sika are set to join Sherwin-Williams, which anticipates synergies that will boost its financial performance.Sales of Sika's business were CHF 75 million ($82 million) in 2020.
The Sherwin-Williams Company (NYSE: SHW) reported a 16.9% increase in consolidated net sales for Q2 2021, reaching $5.38 billion. The diluted net income per share rose to $2.42, while adjusted diluted net income per share increased 11.8% to $2.65. EBITDA improved to $1.05 billion, constituting 19.5% of sales. The company reaffirmed its FY21 guidance for diluted net income per share between $8.01 and $8.31. However, raw material cost inflation and supply chain constraints presented challenges.
The Sherwin-Williams Company (NYSE: SHW) has announced a regular quarterly dividend of $0.55 per common share. This dividend is payable on September 10, 2021, to shareholders of record as of August 20, 2021. This consistent dividend payment reflects the company's ongoing commitment to returning value to its shareholders.
TransDigm Group appointed Jane M. Cronin to its Board of Directors on July 1, 2021. Cronin, currently Senior Vice President – Corporate Controller of Sherwin Williams, brings extensive experience in public company accounting and integration with acquisitions. Her addition is anticipated to enhance TransDigm's financial oversight and strategic growth. The Board confirmed her independence under NYSE and SEC standards, reflecting a commitment to strong governance. TransDigm is recognized for providing engineered aircraft components to the aerospace industry.
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