Company will invest $324 million in Statesville
The Sherwin-Williams Company (NYSE: SHW), the well-known global manufacturer of paints and coatings, will create 183 jobs in Iredell County as it expands its facilities in Statesville, Governor Roy Cooper announced today. The company will invest $324 million to significantly expand its manufacturing capacity and establish a larger distribution facility at the site.
“Manufacturers choose North Carolina time and again, thanks to our state’s skilled workforce, modern transportation networks, and central, East Coast location,” said Governor Cooper. “Companies already doing business here understand our strengths best, and we’re glad Sherwin-Williams will continue to call our state home.”
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 planned investment at our Statesville facility supports meeting the expanding needs of our customers in the region,” said John G. Morikis, Sherwin-Williams Chairman, President, and Chief Executive Officer. “We want to thank all of the public entities involved in working with us to achieve our combined goals that drive economic development, add good-paying jobs and support the surrounding community.”
“It’s always great to see the manufacturing base of our state expand,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our state’s workforce is a big part of why we’re the top state for manufacturing in the Southeast, and as our First in Talent plan for economic development makes clear, we’re committed to providing our people with the required education and specialized training to meet the needs of manufacturers like Sherwin-Williams.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Once the new positions have been filled, the community will see more than $10 million enter its economy each and every year, due to the payroll impact from the new jobs.
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 earlier today. 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.
“This is a great day for Statesville! Sherwin-Williams’ decision to expand its footprint here represents the largest single investment in the history of our city,” said Statesville’s Mayor Costi Kutteh. “We have worked extremely hard to accomplish this result and we are grateful to Iredell EDC, Iredell County, and the State of North Carolina for their tremendous partnership with our city. We pledge our collective support to ensure their continued success.”
“We welcome this great news from Sherwin-Williams, one of our area’s signature employers,” said N.C. Senator Vickie Sawyer. “These new jobs and this major capital investment in our community will bring more prosperity to Statesville, Iredell County, and all the people who live and work here.”
“Many people worked tirelessly behind the scenes to support the Sherwin-Williams team as they considered this expansion,” said N.C. Representative Grey Mills. “We’re proud of the collaboration between our state, regional, and local partners that helped bring these new jobs to our region”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, the North Carolina Railroad, Norfolk Southern, Mitchell Community College, Iredell County, the City of Statesville, and the Iredell County Economic Development Corporation.