Sherwin-Williams Expands Statesville, North Carolina, Manufacturing-Distribution Operations
The investment 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 CEO “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.”
The project 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.
"Manufacturers choose North Carolina time and again, thanks to our state’s skilled workforce, modern transportation networks, and central, East Coast location,” said Governor Roy Cooper. “Companies already doing business here understand our strengths best, and we’re glad Sherwin-Williams will continue to call our state home.”
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.
“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.”
According to state officials, 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.
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