Sherwin-Williams Investing At Least $600M In Ohio

The company will build a new a new global headquarters in downtown Cleveland and a new R&D center in Brecksville, creating an estimated 400 news jobs.


https://businessfacilities.com/2020/02/sherwin-williams-investing-at-least-600m-in-ohio/
The company will build a new a new global headquarters in downtown Cleveland and a new R&D center in Brecksville, creating an estimated 400 news jobs.
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Sherwin-Williams Investing At Least $600M In Ohio

The company will build a new a new global headquarters in downtown Cleveland and a new R&D center in Brecksville, creating an estimated 400 news jobs.

Sherwin-Williams Investing At Least $600M In Ohio

The Sherwin-Williams Company will build a new global headquarters in downtown Cleveland, OH and a new R&D center in the Cleveland suburb of Brecksville. The plans follow an extensive competitive site selection process and are contingent upon completion of standard due diligence, approvals of incentives and other matters.

Sherwin-Williams
(Photo: Sherwin-Williams)

“Our plans to continue investing in Cleveland and Northeast Ohio build on our 154-year legacy as one of the region’s top employers and drivers of economic activity,” says Sherwin-Williams Chairman and Chief Executive Officer John G. Morikis. “Driven by our continued need to serve our customers at the highest level and retain and attract top talent, we intend to create a next-generation workplace environment that ignites creativity, collaboration and industry-leading innovation. We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs. The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and our public partners’ ability to deliver on their commitments.”

Preliminary plans call for Sherwin-Williams to invest a minimum of $600 million to build both facilities. The new 1,000,000-square-foot global headquarters will be in downtown Cleveland just west of Public Square between Saint Clair Avenue and Superior Avenue. The new 500,000-square-foot R&D center will be in Brecksville and serve as the corporate anchor for a new mixed use development project.

Combined, the two facilities will house more than 3,500 employees with room to accommodate significant future growth. Sherwin-Williams estimates it will add a minimum of 400 jobs at these facilities over time, an increase of 11 percent to the its current local workforce. Many of these jobs will include professional staff, engineers and chemists.

Sherwin-Williams is working with several state and local partners on this project, including the State of Ohio, JobsOhio, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the City of Cleveland and the City of Brecksville. Approvals of the company’s economic development packages and other matters remain pending and are expected over the next several months. Team NEO, the Greater Cleveland Partnership, Downtown Cleveland Alliance and the Cleveland Cuyahoga County Port Authority also assisted.

The company’s public and private partners estimate significant positive economic impact in Cleveland and Ohio driven by jobs, payroll, tax revenue, incremental jobs created by companies supplying goods on the projects, and the recirculation of wages throughout the regional economy. Sherwin-Williams’ current local footprint in Cuyahoga County including the City of Cleveland has generated more than $4 billion in employee payroll and $140 million in taxes over the past 10 years. Based on current site plans, the City of Cleveland estimates that when the new global headquarters is occupied, the Cleveland Metropolitan School District will receive an estimated $3 million in additional annual revenue from Sherwin-Williams.

“We are pleased to be a partner with Sherwin-Williams on this highly competitive project,” says Gov. DeWine. “The state of Ohio, JobsOhio and our regional and local economic development partners have been focused on keeping one of Ohio’s leading companies right here where they belong. Sherwin-Williams is an important part of the Cleveland and Northeast Ohio community, and the announcement today will provide good jobs and strong economic activity for Ohioans for years to come.”

Sherwin-Williams conducted a national search and explored multiple potential sites in other states as part of this project. After a detailed analysis, the proposals from Ohio proved to be the most attractive in enhancing the company’s ability to serve customers and retain and attract top talent over the long term.

“Sherwin-Williams has been a tremendous asset to our community, and we’re pleased to see their planned commitment for continued growth,” says County Executive Armond Budish. “This project again demonstrates that our region can compete on the national stage, and we intend to use this model as an example for other companies to locate in Northeast Ohio.”

Over the past 10 years, the Sherwin-Williams Foundation, the company and its employees have given more than $20 million to support local communities in Northeast Ohio. Sherwin-Williams employees also serve on more than 100 non-profit boards in Northeast Ohio. This philanthropic spirit contributed to the Company’s plans to remain in Cleveland and Northeast Ohio.

“Sherwin-Williams has been a part of the fabric of our community for 154 years. A new global headquarters in Cleveland lays the foundation for the next chapter for both Sherwin-Williams and our city’s history,” says City of Cleveland Mayor Frank G. Jackson. “Cleveland has two of the largest business districts in Ohio, with world-class health care and arts and entertainment options, all connected to our thriving residential neighborhoods. The robust and vibrant quality of life here attracts the world’s best and brightest talent, as does our proximity to 25 colleges and universities in Northeast Ohio. Sherwin-Williams recognizes these important strengths of Cleveland.”

The R&D center and global headquarters project will be a multi-year process, and transition to the new facilities is not expected to occur until 2023 at the earliest. No announcements have been made regarding construction partners, and no decisions have been made regarding the disposition of the company’s current R&D center and headquarters.

Ongoing updates on the company’s new R&D center and new global headquarters are available at buildingourfuture.com.

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