CLEVELAND (WJW)– City of Cleveland officials held a news conference on Thursday following the announcement that Sherwin-Williams will build its new global headquarters downtown.
Mayor Frank Jackson was joined by regional development Chief Edward Rybka and economic development director David Ebersole.
The planned headquarters will be located just west of Public Square between St. Clair and Superior avenues. The company also announced the new R&D center, located at Miller and Brecksville roads in Brecksville.
Sherwin-Williams said it plans to invest at least $600 million in the two facilities, which will house more than 3,500 employees. The company estimated it will add 400 jobs.
“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,” said John Morikis, Sherwin-Williams chairman and CEO.
According to Sherwin-Williams, it generated more than $4 billion in employee payroll and $140 million in taxes over the past 10 years. Once the new headquarters is occupied, the company said the Cleveland Metropolitan School District will receive about $3 million in additional annual revenue.
The city of Cleveland said it is still working with Cleveland City Council to finalize an incentive package.