Sherwin-Williams Plans To Build Headquarters And R&D Center
Zacks Investment Research | Feb 11, 2020 07:52AM ET
The Sherwin-Williams Company (NYSE:SHW) announced plans to finalize the construction of a global headquarters in downtown Cleveland and a new R&D facility in the Cleveland suburb of Brecksville.
The proposals follow a rigorous competitive selection process for the site. Notably, the plans are conditional upon the completion of the standard due diligence; acceptance of incentives as well as other issues at the state, county and city levels; and resolution of business and legal issues that surround such major investment projects in real estate. Notably, the company’s current headquarters building is no longer conducive to meet its future needs.
The large planned investment represents its trust in the sustained strength of Cleveland and Northeast Ohio, its people, and the capacity of public partners to fulfill their commitments. Further, it aids long-term growth, improves customers’ service capacity, advances talent retention and attraction, and demonstrates the company's commitment to the region.
Preliminary plans state that Sherwin-Williams needs to spend at least $600 million for the development of both facilities. Notably, both facilities are expected to house more than 3,500 staff, with space for substantial future growth. The company anticipates that over time, it would create at least 400 employments at these plants, suggesting an 11% increase to its current local workforce. The transition to the new faculties is anticipated to take place no later than 2023.
Shares of Sherwin-Williams have rallied 35% in the past year compared with the Zacks Investment Research
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