Sherwin-Williams Signs Agreement to Expand Manufacturing and Distribution Capabilities in Statesville, North Carolina

Rhea-AI Summary

The Sherwin-Williams Company (NYSE: SHW) has announced a major expansion of its manufacturing and distribution capabilities in Statesville, North Carolina. The company plans to invest at least $300 million and create over 180 new full-time jobs within three years, effectively doubling its current workforce. The project includes a 36,000-square-foot expansion of the manufacturing facility and the construction of an 800,000-square-foot distribution center. Additionally, Sherwin-Williams will receive around $30 million in incentives from local and state governments.

Positive

• Investment of at least $300 million in the expansion project.
• Creation of over 180 new full-time jobs, doubling the current workforce.
• Construction of an 800,000-square-foot distribution center to support growth.

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• None.

CLEVELAND, Feb. 8, 2022 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) is pleased to announce that it signed an agreement today 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 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 project will include a 36,000-square-foot extension of its existing 200,000-square-foot manufacturing facility, the addition of four new rail spurs, as well as the construction of a new 800,000-square-foot distribution and fleet transportation center, which has another 200,000 square feet available for future expansion.

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 continues to invest in initiatives that support our growth for years to come. The planned expansion of our Statesville facility demonstrates a deep commitment to both our customers and the region," said John G. Morikis, Sherwin-Williams Chairman, President and Chief Executive Officer. "This investment will not only allow us to meet the growing customer demand in the region, but it will also add a number of good-paying jobs to our already vibrant employee base in the community."

The Company considered multiple locations for expansion opportunities in a competitive vetting process before selecting the Statesville facility. Among the reasons the Statesville facility was chosen include its transportation infrastructure, ability to handle expanded capacity and its location that provides for the centralization of existing distribution opportunities for the Company's regional operations. In addition, Sherwin-Williams is extremely pleased with the high quality of its current workforce at its North Carolina facilities and is confident in having continued access to top talent across the state that meets the Company's needs.  

Furthermore, Sherwin-Williams will receive incentives and benefits valued at approximately $30 million from the state, county and local government as part of the agreement. 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.

"Sherwin-Williams has long been a top employer in North Carolina. There are currently more than 2,400 full-time Sherwin-Williams employees working in the state, and today's announcement ensures a substantial number of jobs will be added over the next three years," said North Carolina Governor Roy Cooper. "Because of this continued partnership, the state was pleased to provide the necessary financial incentives to support the Company's decision to grow its footprint in the city of Statesville for years to come."

"Sherwin-Williams has been an integral part of the Statesville community since 1993. We are thrilled that they decided to continue to invest in our city, our region and our people by expanding their footprint and adding career opportunities with today's announcement," said city of Statesville Mayor Costi Kutteh. "We look forward to seeing the progress of the project and to welcoming new Sherwin-Williams employees to the enhanced facility in 2024."

Construction is expected to start by the third quarter of this year, with all work slated to be completed by the end of 2024. The manufacturing facility will continue to operate for the duration of the project.

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 purpose of Sherwin-Williams' investment in North Carolina?

Sherwin-Williams is investing in expanding its architectural paint and coatings manufacturing capacity and establishing a larger distribution facility in Statesville.

How many jobs will Sherwin-Williams create with the new expansion?

The expansion is expected to create over 180 new full-time jobs.

What is the total investment amount for the Sherwin-Williams expansion?

Sherwin-Williams plans to invest at least $300 million in the expansion project.

What financial incentives will Sherwin-Williams receive for their expansion?

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

When is construction expected to start for Sherwin-Williams' new facility?

Construction is expected to start by the third quarter of 2022.