Sherwin-Williams plans new HQ in Cleveland
Sherwin-Williams Company has big plans in its home state of Ohio.
The Cleveland-based paint manufacturer and retailer announced that it is finalizing plans to build a new global headquarters in downtown Cleveland, Ohio along with a new research and development center in the Cleveland suburb of Brecksville.
Preliminary plans call for Sherwin-Williams to invest a minimum of $600 million to build both facilities. The new global headquarters would be in downtown Cleveland just west of Public Square between Saint Clair Avenue and Superior Avenue and would be approximately 1 million square feet.
The planned new R&D center would be in Brecksville, located off I-77 at Miller Road and Brecksville Road. The R&D center would serve as the corporate anchor for a new mixed-use development project and would be approximately 500,000 square feet in size.
Combined, the two facilities would house more than 3,500 employees with room to accommodate significant future growth. Sherwin-Williams estimates it would add a minimum of 400 jobs at these facilities over time, an increase of 11% to the Company’s current local workforce.
“Our plans to continue investing in Cleveland and northeast Ohio build on our 154-year legacy as one of the region’s top employers and drivers of economic activity,” said Sherwin-Williams Chairman and CEO John Morikis. “Driven by our continued need to serve our customers at the highest level and retain and attract top talent, we intend to create a next-generation workplace environment that ignites creativity, collaboration and industry-leading innovation.”
Morikis noted that the company currently operates out of a 90-year-old headquarters building that is no longer conducive to meeting Sherwin-Williams’ future needs.
“The major planned investment in Cleveland and northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and our public partners’ ability to deliver on their commitments,” the chief executive said.
Many of the new jobs will include professional staff, engineers and chemists. Sherwin-Williams is working with several state and local partners on this project, including the State of Ohio, JobsOhio, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the City of Cleveland and the City of Brecksville.
Approvals of the Company’s economic development packages and other matters remain pending and are expected over the next several months.
The R&D center and global headquarters project continues to be a multi-year process. The transition to the new facilities is not expected to occur until 2023 at the earliest, the company said.
Last month, Sherwin-Williams reported fourth quarter 2019 net sales rose 1.2% to $4.11 billion while net sales for 2019 increased 2.1% to $17.9 billion. The company also reported a net income of $248.6 million for the quarter, more than doubling a net income of $101 million for the same period last year. For the full year, the company’s net income increased 39% to $1.154 billion.
Sherwin-Williams paint and coatings brands include Valspar, HGTV HOME by Sherwin-Williams, Dutch Boy, Krylon, Minwax, Thompson's Water Seal, Cabot and many more. 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.
The Cleveland-based paint manufacturer and retailer announced that it is finalizing plans to build a new global headquarters in downtown Cleveland, Ohio along with a new research and development center in the Cleveland suburb of Brecksville.
Preliminary plans call for Sherwin-Williams to invest a minimum of $600 million to build both facilities. The new global headquarters would be in downtown Cleveland just west of Public Square between Saint Clair Avenue and Superior Avenue and would be approximately 1 million square feet.
The planned new R&D center would be in Brecksville, located off I-77 at Miller Road and Brecksville Road. The R&D center would serve as the corporate anchor for a new mixed-use development project and would be approximately 500,000 square feet in size.Combined, the two facilities would house more than 3,500 employees with room to accommodate significant future growth. Sherwin-Williams estimates it would add a minimum of 400 jobs at these facilities over time, an increase of 11% to the Company’s current local workforce.
“Our plans to continue investing in Cleveland and northeast Ohio build on our 154-year legacy as one of the region’s top employers and drivers of economic activity,” said Sherwin-Williams Chairman and CEO John Morikis. “Driven by our continued need to serve our customers at the highest level and retain and attract top talent, we intend to create a next-generation workplace environment that ignites creativity, collaboration and industry-leading innovation.”
Morikis noted that the company currently operates out of a 90-year-old headquarters building that is no longer conducive to meeting Sherwin-Williams’ future needs.
“The major planned investment in Cleveland and northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and our public partners’ ability to deliver on their commitments,” the chief executive said.
Many of the new jobs will include professional staff, engineers and chemists. Sherwin-Williams is working with several state and local partners on this project, including the State of Ohio, JobsOhio, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the City of Cleveland and the City of Brecksville.
Approvals of the Company’s economic development packages and other matters remain pending and are expected over the next several months.
The R&D center and global headquarters project continues to be a multi-year process. The transition to the new facilities is not expected to occur until 2023 at the earliest, the company said.
Last month, Sherwin-Williams reported fourth quarter 2019 net sales rose 1.2% to $4.11 billion while net sales for 2019 increased 2.1% to $17.9 billion. The company also reported a net income of $248.6 million for the quarter, more than doubling a net income of $101 million for the same period last year. For the full year, the company’s net income increased 39% to $1.154 billion.
Sherwin-Williams paint and coatings brands include Valspar, HGTV HOME by Sherwin-Williams, Dutch Boy, Krylon, Minwax, Thompson's Water Seal, Cabot and many more. 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.