CLEVELAND — The Sherwin-Williams Company announced Thursday that it’s considering a new research and development facility and may be moving its global headquarters out of Cleveland— a move that’s been prompted by the company’s need to obtain more space to meet the needs of customers and employees, according to a release from the company.
As part of the exploratory process, Sherwin-Williams said it will consider potential sites, including locations in Cleveland, Northeast Ohio and other states that were not mentioned in the news release.
The company said any transition to a new facility from its current headquarters at 101 West Prospect Avenue wouldn’t happen until 2023 at the earliest and the move would require board approval.
“The company’s significant growth and global expansion over the last several decades has resulted in a less than optimal configuration of headquarters, offices and R&D facilities across multiple locations,” said Sherwin-Williams Chairman and Chief Executive Officer John G. Morikis in a news release. “Given the limitations of our current footprint and driven by the needs of our customers, we are exploring options that will help us to accelerate productivity and efficiency, enhance technology and innovation, enable greater collaboration, support recruitment and retention and reduce maintenance costs over the long term.”
The West Prospect Avenue location has been the company’s home since 1930 and has been a recognizable fixture in the City of Cleveland. In the past, the company's building facing Rocket Mortgage FieldHouse has been a host to many banners, including the iconic LeBron James Nike Banner.
With approximately 4,400 employees, Sherwin Williams has multiple facilities in Northeast Ohio.
The company said it will update employees and stakeholders on an ongoing basis as the process moves forward.