07.23.12
The Sherwin-Williams Company reported a 12.7 percent increase in 2011 sales to $8.77bn, an increase of $989.3 million from 2010. Minus the sale of painting tools and equipment in the company’s Paint Store Group, Coatings World estimates the company’s paint and coatings sales to be approximately $7.3bn.
The company expanded its reports on operating segments from three to four with the addition of the Latin America Coatings Group, previously included in the Global Finishes Group.
Sales for the Paint Stores Group increased 9.1 percent to $4.78 billion for the year. Consumer Group sales declined 1.8 percent, to $1.27 billion for the year. Global Finishes Group sales increased 32.5 percent to $1.88 billion in the year. Latin America Coatings Group net sales increased 22.7 percent to $828.5 million in the year.
The company is continuing to invest in its business by expanding its Paint Stores operations, with a net increase of 60 new stores in 2011, to a total of 3,450 stores.
During the year a four-year partnership between America’s soybean farmers and Sherwin-Willimas received one of five 2011 Presidential Green Chemistry Challenge Awards presented by the Environmental Protection Agency (EPA). EPA also recognized the United Soybean Board (USB) for its role in the development of the product.
The honor recognizes the development of an innovative new paint formulation that utilizes soybean oil and recycled plastic bottles (PET) and reduces volatile organic compounds (VOCs) by 60 percent.
Sherwin-Williams, with soybean checkoff funding and technical support from USB, developed water-based acrylic alkyd paints with low VOCs that can be made from soybean oil, PET and acrylics. These new paints combine the performance benefits of alkyds and low VOC content of acrylics, the company said. The soybean oil helps to promote film formation, gloss, flexibility and cure.
In 2010, Sherwin-Williams manufactured enough of these new paints to eliminate over 800,000 pounds of VOCs. The company has used 320,000 pounds of soybean oil, 250,000 pounds of PET and eliminated 1,000 barrels of oil.
Sherwin-Williams received the award in the Designing Greener Chemicals category. The paints are sold as ProClassic Waterbased Acrylic Alkyd, ProMar 200 Waterbased Acrylic Alkyd and ProIndustrial Waterborne Enamel.
On the acquisition front in 2011, Sherwin-Williams acquired Leighs Paints, an industrial fire protection coatings company that manufactures a comprehensive line of intumescent Passive Fire Protection products for the hydrocarbon market. It joined the protective and marine coatings business of Sherwin-Williams’ Global Finishes Group. The Firetex brand has been used on more than 400 projects around the world protecting offshore platforms, refineries and chemical plants.
In Latin America, Sherwin-Williams acquired Fanapisa, its former licensee in Guayaquil, Ecuador, which gives it control over the manufacture, sale, marketing and distribution of the Sherwin-Williams brand in Ecuador. This, combined with the acquisition of Pinturas Cóndor in 2010, establishes Sherwin-Williams as the architectural paint market leader in Ecuador.
PUBLIC COMPANY
YEAR ESTABLISHED: 1866
REVENUE: $7.326 billion (2010: 6.5bn)
(Note: Sherwin-Williams reported total revenue of $8.7 billion for fiscal 2011. However, for purposes of this report, sales of painting tools and equipment in the Paint Stores Group are not reported as part of coatings revenue. The above is Coatings World’s estimate.)
MARKETS SERVED
• Architectural coatings
• Industrial coatings
• Protective and marine coatings
• OEM product finishes
• Wood finishes
• Aerospace coatings
KEY EXECUTIVES
Christopher Connor, chairman and CEO; John Morikis, president and COO; Sean Hennessy, senior VP, finance and CFO.
Sherwin-Williams, HGTV form partnership
Sherwin-Williams partnered with HGTV to launched HGTV Home, an exclusive line of durable, low-odor interior paints and painting supplies. HGTV Home by Sherwin-Williams features eight designer inspired color collections. Each collection highlights 20 coordinated colors and design tips for homeowners to create harmonious room-to-room color transitions. The interior latex paint, manufactured by Sherwin-Williams, is available in flat, satin and semi-gloss finishes. It carries the GreenSure seal that marks the company's high-quality, environmentally friendly coatings. The color collections, showcased at more than 2,800 neighborhood Sherwin-Williams stores, are: Color Pizazz, Traditional Twist, Urban Organic, Global Spice, Livable Luxe, Rustic Refined, Neutral Nuance and Coastal Cool.
The company expanded its reports on operating segments from three to four with the addition of the Latin America Coatings Group, previously included in the Global Finishes Group.
Sales for the Paint Stores Group increased 9.1 percent to $4.78 billion for the year. Consumer Group sales declined 1.8 percent, to $1.27 billion for the year. Global Finishes Group sales increased 32.5 percent to $1.88 billion in the year. Latin America Coatings Group net sales increased 22.7 percent to $828.5 million in the year.
The company is continuing to invest in its business by expanding its Paint Stores operations, with a net increase of 60 new stores in 2011, to a total of 3,450 stores.
During the year a four-year partnership between America’s soybean farmers and Sherwin-Willimas received one of five 2011 Presidential Green Chemistry Challenge Awards presented by the Environmental Protection Agency (EPA). EPA also recognized the United Soybean Board (USB) for its role in the development of the product.
The honor recognizes the development of an innovative new paint formulation that utilizes soybean oil and recycled plastic bottles (PET) and reduces volatile organic compounds (VOCs) by 60 percent.
Sherwin-Williams, with soybean checkoff funding and technical support from USB, developed water-based acrylic alkyd paints with low VOCs that can be made from soybean oil, PET and acrylics. These new paints combine the performance benefits of alkyds and low VOC content of acrylics, the company said. The soybean oil helps to promote film formation, gloss, flexibility and cure.
In 2010, Sherwin-Williams manufactured enough of these new paints to eliminate over 800,000 pounds of VOCs. The company has used 320,000 pounds of soybean oil, 250,000 pounds of PET and eliminated 1,000 barrels of oil.
Sherwin-Williams received the award in the Designing Greener Chemicals category. The paints are sold as ProClassic Waterbased Acrylic Alkyd, ProMar 200 Waterbased Acrylic Alkyd and ProIndustrial Waterborne Enamel.
On the acquisition front in 2011, Sherwin-Williams acquired Leighs Paints, an industrial fire protection coatings company that manufactures a comprehensive line of intumescent Passive Fire Protection products for the hydrocarbon market. It joined the protective and marine coatings business of Sherwin-Williams’ Global Finishes Group. The Firetex brand has been used on more than 400 projects around the world protecting offshore platforms, refineries and chemical plants.
In Latin America, Sherwin-Williams acquired Fanapisa, its former licensee in Guayaquil, Ecuador, which gives it control over the manufacture, sale, marketing and distribution of the Sherwin-Williams brand in Ecuador. This, combined with the acquisition of Pinturas Cóndor in 2010, establishes Sherwin-Williams as the architectural paint market leader in Ecuador.
PUBLIC COMPANY
YEAR ESTABLISHED: 1866
REVENUE: $7.326 billion (2010: 6.5bn)
(Note: Sherwin-Williams reported total revenue of $8.7 billion for fiscal 2011. However, for purposes of this report, sales of painting tools and equipment in the Paint Stores Group are not reported as part of coatings revenue. The above is Coatings World’s estimate.)
MARKETS SERVED
• Architectural coatings
• Industrial coatings
• Protective and marine coatings
• OEM product finishes
• Wood finishes
• Aerospace coatings
KEY EXECUTIVES
Christopher Connor, chairman and CEO; John Morikis, president and COO; Sean Hennessy, senior VP, finance and CFO.
Sherwin-Williams, HGTV form partnership
Sherwin-Williams partnered with HGTV to launched HGTV Home, an exclusive line of durable, low-odor interior paints and painting supplies. HGTV Home by Sherwin-Williams features eight designer inspired color collections. Each collection highlights 20 coordinated colors and design tips for homeowners to create harmonious room-to-room color transitions. The interior latex paint, manufactured by Sherwin-Williams, is available in flat, satin and semi-gloss finishes. It carries the GreenSure seal that marks the company's high-quality, environmentally friendly coatings. The color collections, showcased at more than 2,800 neighborhood Sherwin-Williams stores, are: Color Pizazz, Traditional Twist, Urban Organic, Global Spice, Livable Luxe, Rustic Refined, Neutral Nuance and Coastal Cool.
