Sherwin-Williams confirms its search for a new global headquarters

The Sherwin-Williams Co. (NYSE: SHW) of Cleveland, Thursday morning, September 12, confirmed what real estate insiders have been experiencing for some time: it is looking for a new global headquarters.

And this search can take her out of the city.

In a press release, the Cleveland-based paint and coatings company said it had "launched a process to explore options" for a new headquarters and R & D facility. This decision "results from the company's ongoing review of the company's facility requirements, which seeks to best meet the current and future needs of its customers and employees," the company said in the statement.

Sherwin-Williams said that she "would consider several potential sites, including sites in Cleveland, northeastern Ohio and several other states".

Any move to new facilities "should not occur before 2023 at the earliest," said the company, which would require the approval of the Sherwin-Williams board of directors.

"The significant growth and global expansion of the company over the last few decades has resulted in less than optimal configuration of headquarters, offices, and R & D facilities across multiple sites," said John G Morikis, President and CEO of Sherwin-Williams, in a statement. "Given the limitations of our current footprint and the needs of our customers, we are exploring options that will help us accelerate productivity and efficiency, improve technology and innovation, promote greater collaboration, support recruitment and retention and reduce maintenance costs over the long-term. "

Sherwin-Williams is currently located at 101 W. Prospect Ave. since 1930. She has many facilities in northeastern Ohio, where she employs approximately 4,400 people.

In this press release, the company stated that it will "permanently update employees and external stakeholders as the multi-year process unfolds".

Sherwin-Williams has achieved a turnover of $ 17.5 billion in 2018. Its products are sold in 120 countries.

The company said in an information sheet accompanying the press release that it was paying $ 15 million a year in taxes to the city of Cleveland. The payroll of its employees in Cuyahoga County exceeds $ 500 million.

In its current state, Sherwin-Williams said in its newsletter that it had more than 6,000 employees, more than 200 company-owned paint stores and eight R & D facilities "generating collectively $ 45 million dollars per year in taxes levied in the State of Ohio ".