07.28.22
Cleveland, Ohio/USA
www.sherwin-williams.com
The Sherwin-Williams Company reported $18.3 billion in net sales for 2021. Minus the sale of painting tools and equipment, Coatings World estimates the company’s paint and coatings sales to be approximately $13.9 billion.
Sherwin-Williams manufactures products under well-known brands such as Sherwin-Williams, Valspar, Dutch Boy, HGTV HOME by Sherwin-Williams, Krylon, Minwax, Cabot, and Thompson’s Water Seal. With global headquarters in Cleveland, Sherwin-Williams branded products are sold primarily through more than 5,100 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 company employs 61,000 people and is comprised of three reportable segments. The Americas Group comprises 56% of total sales and operates the exclusive outlets for Sherwin-Williams branded paints, stains, supplies, equipment and floor covering in the U.S., Canada and the Caribbean. The Americas Group also manufactures and sells a wide range of architectural paint, industrial coatings and related products across Latin America through company-operated stores and dedicated dealers. Consumer Brands Group comprises 14% of total sales and sells one of the industry’s most recognized portfolios of branded and private-label products through retailers across North America and in parts of Europe, Australia, New Zealand and China, and also operates a global supply chain for paint, coatings and related products. The Performance Coatings Group (30% of total sales) sells a wide range of industrial coatings and finishes to general industrial, industrial wood, protective and marine, coil & extrusion, packaging and automotive customers in 120+ countries.
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 CEO. "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."
"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 Gov. Roy Cooper.
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.
For more than 25 years, AquaSurTech has focused on the development, manufacturing and sale of durable, environmentally-friendly coatings for the vinyl/PVC building products industry, which is one of the fastest growing subsegments of the industry. Based in Canada, AquaSurTech has a manufacturing footprint in the greater Toronto area and color blending facilities in both the U.S. and Canada.
• Announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany based developer, manufacturer, and distributor of coatings primarily for the heavy equipment and transportation industries. The acquired business has approximately 100 employees and annual sales of approximately $50 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by the end of the third quarter of 2022.
www.sherwin-williams.com
PUBLIC COMPANY; YEAR ESTABLISHED: 1866
REVENUE: $13.9 billion t (2020: $14.5 billion)(Note: Sherwin-Williams reported total revenue of $19.9 billon for fiscal 2021. However, for purposes of this report, sales of painting tools and equipment 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 coatingsKEY EXECUTIVES:
John Morikis, chairman and CEO; Heidi Petz, president and COO; Allen J. Mistysyn, senior VP – finance and CFO; Mary Garceau, senior VP, general counsel and secretary; Jane Cronin, corporate controller.The Sherwin-Williams Company reported $18.3 billion in net sales for 2021. Minus the sale of painting tools and equipment, Coatings World estimates the company’s paint and coatings sales to be approximately $13.9 billion.
Sherwin-Williams manufactures products under well-known brands such as Sherwin-Williams, Valspar, Dutch Boy, HGTV HOME by Sherwin-Williams, Krylon, Minwax, Cabot, and Thompson’s Water Seal. With global headquarters in Cleveland, Sherwin-Williams branded products are sold primarily through more than 5,100 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 company employs 61,000 people and is comprised of three reportable segments. The Americas Group comprises 56% of total sales and operates the exclusive outlets for Sherwin-Williams branded paints, stains, supplies, equipment and floor covering in the U.S., Canada and the Caribbean. The Americas Group also manufactures and sells a wide range of architectural paint, industrial coatings and related products across Latin America through company-operated stores and dedicated dealers. Consumer Brands Group comprises 14% of total sales and sells one of the industry’s most recognized portfolios of branded and private-label products through retailers across North America and in parts of Europe, Australia, New Zealand and China, and also operates a global supply chain for paint, coatings and related products. The Performance Coatings Group (30% of total sales) sells a wide range of industrial coatings and finishes to general industrial, industrial wood, protective and marine, coil & extrusion, packaging and automotive customers in 120+ countries.
Key Happenings in 2021:
The Sherwin-Williams Company has 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 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 CEO. "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."
"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 Gov. Roy Cooper.
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.
Acquisitions
• Completed the acquisition of AquaSurTech, effective Feb. 9, 2022, further strengthening Sherwin-Williams’ position as a leading provider of coatings solutions in the building products market.For more than 25 years, AquaSurTech has focused on the development, manufacturing and sale of durable, environmentally-friendly coatings for the vinyl/PVC building products industry, which is one of the fastest growing subsegments of the industry. Based in Canada, AquaSurTech has a manufacturing footprint in the greater Toronto area and color blending facilities in both the U.S. and Canada.
• Announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany based developer, manufacturer, and distributor of coatings primarily for the heavy equipment and transportation industries. The acquired business has approximately 100 employees and annual sales of approximately $50 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by the end of the third quarter of 2022.
