Cleveland, OH (May 21, 2020) – The Port of Cleveland announced approval for up to $50 million in taxable lease revenue bonds to pay a portion of costs associated with the construction of The Sherwin-Williams Company’s new global headquarters as well as the Company’s new R&D center.

“We have these two very exciting projects ahead of us and it shows that COVID-19 can’t stop good things from happening in Cleveland,” said Darrell L. McNair, Board Member and Chairman of Real Estate and Finance Committee, The Cleveland-Cuyahoga County Port Authority Board of Directors.

Before officially deciding on Cleveland as the location for their global headquarters and Brecksville as the location for their new R&D facility, Sherwin-Williams, an inherent part of Cleveland for more than 154 years, conducted a national search to explore other potential sites.

“Ultimately, after a detailed analysis, the proposals from the State of Ohio, JobsOhio, Cuyahoga County, the City of Cleveland and the City of Brecksville proved to be the most attractive in enhancing our ability to serve customers and retain and attract top talent over the long term,” said Julie Young, Sherwin-Williams Vice President, Global Corporate Communications.

The Company’s continued commitment in Cuyahoga County will create a significant positive economic impact in Cleveland, Cuyahoga County and the State of Ohio.

Upon construction, the two facilities will house more than 3,500 employees, adding a minimum of 400 jobs (11 percent increase to the Company’s current local workforce) at these facilities over time. Moreover, the City of Cleveland estimates that once the new global headquarters is occupied, the Cleveland Metropolitan School District will receive an additional annual revenue estimated at $4 million from Sherwin-Williams.

Overall, the Company’s global headquarters project and R&D center project will call for a total combined investment of approximately $678.5 million. According to Young, the projects are in their early stages of construction planning with official groundbreaking potentially in the spring of 2021 and the Company’s transition into the new headquarters, at the earliest, in 2023.

 

About Cleveland-Cuyahoga County Port Authority

The Port of Cleveland is one of the largest ports on the Great Lakes. Over 20,000 jobs and $3.5 billion in annual economic activity are tied to the roughly 13 million tons of cargo that move through Cleveland Harbor each year. The Port of Cleveland is the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County. The Port is an economic engine for the community, a key to Northeast Ohio’s global competitiveness, and a crucial partner in building Cuyahoga County’s future.

For more information, please visit: www.portofcleveland.com

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