The company will invest $324 million to significantly expand its manufacturing capacity and establish a larger distribution facility at the site.
Founded in 1866, Sherwin-Williams is a long-time industry leader in the development of technologically advanced paint and coatings and offers a host of familiar brands like Valspar, Thompson’s Water Seal, Krylon, Minwax and its flagship Sherwin-Williams brand, among others.
As the nation’s largest specialty retailer of paint and painting supplies, Sherwin-Williams supports both do-it-yourselfers and painting professionals with exclusive products and expert, personalized service at nearly 4,500 company operated stores across North America. The company also supports a wide range of additional customers, including its important major retail channel partners through the Statesville facility.
The Sherwin-Williams project in Statesville will include a 36,000-square-foot extension of its existing 200,000-square-foot manufacturing facility, the addition of four new rail spurs, and the construction of a new 800,000-square-foot distribution and fleet transportation center. The upgrades will add millions of gallons of annual manufacturing capacity to help the company meet increasing demand for its architectural paint and coatings products.
The Sherwin-Williams project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,723,250, spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Sherwin-Williams chose a site in Iredell County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $907,750 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business. ■