Sherwin-Williams Breaks Ground to Expand Manufacturing and Distribution Facilities in Statesville, North Carolina

Rhea-AI Summary

The Sherwin-Williams Company (NYSE: SHW) has begun construction on a new 36,000-square-foot manufacturing extension and an 800,000-square-foot distribution center in Statesville, North Carolina. This $300 million investment will add more than 180 full-time jobs and enhance annual manufacturing capacity significantly. The project aims to meet increasing demand for architectural paints and coatings, with completion expected by the end of 2024. Sherwin-Williams will receive $30 million in government incentives, highlighting a strong public-private partnership.

Positive

• Investment of $300 million to expand manufacturing and distribution facilities.
• Creation of over 180 new full-time jobs, doubling the existing workforce.
• Significant increase in annual manufacturing capacity for architectural paints and coatings.
• Receipt of $30 million in government incentives to support the project.

Negative

• None.

Additional manufacturing capacity and new distribution center to come online in 2024

CLEVELAND, Oct. 26, 2022 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) held a ceremonial groundbreaking today to mark the start of construction of a 36,000-square-foot extension of its existing 200,000-square-foot manufacturing facility and new 800,000-square-foot distribution and fleet transportation center. The project also adds four new rail spurs at the existing manufacturing site and leaves another 200,000 square feet available for future expansion at the distribution site.

"Today marks an important milestone for Sherwin-Williams in continuing to serve our customers and investing in our employees," said John G. Morikis, Sherwin-Williams Chairman and Chief Executive Officer. "This project will support our growth for years to come. We are proud to be a part of the community here and grateful for the partnership we have with the local and state officials."

State, county and local public officials, Sherwin-Williams employees, as well as project contractors and partners attended the ceremonial groundbreaking to celebrate the beginning of the project, which is expected to be complete by the end of 2024.

Together, the facility upgrades will add millions of gallons of annual manufacturing capacity and sizable pallet storage capacity to support the Company in meeting increasing demand for its architectural paint and coatings products. Sherwin-Williams plans to invest a minimum of $300 million in the project and add more than 180 full-time jobs at the site over the next three years, which would essentially double the existing workforce.

The Company announced in February that it signed an agreement with the state of North Carolina, Iredell County and the City of Statesville to significantly expand its architectural paint and coatings manufacturing capacity and establish a larger distribution facility in Statesville, North Carolina.

Sherwin-Williams looked at multiple locations for potential expansion opportunities in a competitive vetting process before selecting the Statesville facility. The Statesville facility was chosen for its transportation infrastructure, the strength of the current workforce and depth of the local talent pool, the facility's ability to handle additional capacity, and a location that provides for the centralization of existing distribution opportunities for the Company's regional operations.

"This project in Statesville adds to North Carolina's reputation as a top workforce location for modern manufacturing," said North Carolina Governor Roy Cooper. "With more than 2,400 full-time Sherwin-Williams employees in our state and more coming, our state is committed to the education and training that will create success for years to come."

Additionally, Sherwin-Williams will receive approximately $30 million in state, county and local government incentives toward the project. This investment reflects the strength of the public-private partnership between Sherwin-Williams and the state of North Carolina, Iredell County and the City of Statesville and underscores the Company's confidence in the region and its people.

"We are thrilled Sherwin-Williams, a company that has been an integral part of our community since 1993, chose to make a significant investment in Statesville for both its manufacturing and distribution facilities," said City of Statesville Mayor Costi Kutteh. "The decision to expand their footprint here represents the largest paint manufacturing operation for the company in North America based upon total gallon capacity and the largest single investment in the history of our city."

ABOUT THE SHERWIN-WILLIAMS COMPANY

Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company 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.

MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849 - corporatemedia@sherwin.com

INVESTOR RELATIONS CONTACTS:
Jim Jaye
Senior Vice President, Investor Relations & Corporate Communications
Direct: 216.515.8682 - investor.relations@sherwin.com

Eric Swanson
Vice President, Investor Relations
Direct: 216.566.2766 - investor.relations@sherwin.com

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SOURCE The Sherwin-Williams Company

FAQ

What is the significance of Sherwin-Williams' expansion in Statesville, North Carolina?

Sherwin-Williams is expanding its manufacturing and distribution capacity to meet rising demand for its products, which will also create over 180 new jobs.

How much is Sherwin-Williams investing in its new facilities?

Sherwin-Williams is investing a minimum of $300 million in the expansion of its manufacturing and distribution facilities.

When is the Sherwin-Williams expansion project expected to be completed?

The expansion project is expected to be completed by the end of 2024.

What incentives is Sherwin-Williams receiving for its expansion in North Carolina?

Sherwin-Williams will receive approximately $30 million in state, county, and local government incentives for the project.

How will the expansion impact Sherwin-Williams' manufacturing capacity?

The expansion will significantly increase annual manufacturing capacity, allowing the company to meet increased demand for architectural paint and coatings.