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    Top Companies Report

    Sherwin-Williams

    ...

    Sherwin-Williams
    07.26.23
    Cleveland, Ohio/USA
    www.sherwin-williams.com

    PUBLIC COMPANY; YEAR ESTABLISHED: 1866

    REVENUE: $16.6 billion s (2021: $13.9   billion)
    (Note: Sherwin-Williams reported total revenue of $ $22,148.9 billon for fiscal 2022. 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 coatings

    KEY 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 $22,148.9 billion in net sales for 2022. Minus the sale of painting tools and equipment, Coatings World estimates the company’s paint and coatings sales to be approximately $16.6 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 2022:

    The Sherwin-Williams Company announced an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. The business' portfolio of solutions includes foil coatings as well as radiation-cured and water-based coatings for the board, furniture and flooring industry. With a presence in Europe, Asia and South America, the business has approximately 220 employees and annual sales of more than €91.5 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by early 2023, pending customary regulatory approvals.

    "This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses," said Sherwin-Williams chairman and CEO John G. Morikis. "The company's extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously. We are excited by Oskar Nolte's and Klumpp Coatings' strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions, all of which we will leverage further throughout Europe and beyond. We look forward to welcoming the talented employees of these businesses to the Sherwin-Williams family upon the close of the transaction.

    "Today's announcement further demonstrates our ongoing commitment to creating shareholder value through our consistent and balanced capital allocation strategy," added Morikis. "Through the first nine months of 2022, we have invested approximately $191 million in core capital expenditures largely aimed at growth initiatives, deployed approximately $630 million for acquisitions, and returned just over $1.2 billion to shareholders in the form of dividends and share buybacks. We expect to continue our approach supported by our strong ongoing cash generation."

    Sherwin-Williams has acquired Industria Chimica Adriatica S.p.A. (ICA), an Italian designer, manufacturer and distributor of industrial wood coatings used for kitchen cabinets, furniture and décor, building products, flooring and other specialty applications. The acquired business has annual sales of more than €150 million, with sales and operations globally, including production facilities in Italy and Poland, and ICA's interest in the India-based joint venture, ICA Pidilite. ICA has approximately 600 employees and will become part of the Sherwin-Williams Performance Coatings Group operating segment. The transaction is expected to close by the end of 2022.

    "This wonderful company brings us innovative waterborne and solvent liquid coatings technology, including an award-winning range of ultra-matt protective coatings and a growing portfolio of BIO water-based coatings products, which are made with recycled raw materials," said Morikis. "In addition to this strong technical expertise, ICA has excellent relationships with multi-national and local customers, multiple product specification and approval positions, strategically located manufacturing and distribution, and an outstanding commercial team focused on delivering innovative and value-added solutions..."
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