"Our plans to continue investing in Cleveland and Northeast Ohio build on our 154-year legacy as one of the region's top employers and drivers of economic activity," says Sherwin-Williams chairman and CEO John G. Morikis. "Driven by our continued need to serve our customers at the highest level and retain and attract top talent, we intend to create a next-generation workplace environment that ignites creativity, collaboration and industry-leading innovation."

Morikis notes that Sherwin-Williams currently operates out of a 90-year-old headquarters building that no longer is conducive to meeting the firm's future needs.

Sherwin-Williams current local footprint in Cuyahoga County including the City of Cleveland has generated more than $4 billion in employee payroll and $140 million in taxes over the past 10 years. Based on current site plans, the City of Cleveland estimates that when the new global headquarters is occupied, the Cleveland Metropolitan School District will receive an estimated $3 million in additional annual revenue from Sherwin-Williams.

The transition to the new facilities is not expected to occur until 2023 at the earliest. No announcements have been made regarding construction partners, and no decisions have been made regarding the disposition of the company's current R&D center and headquarters, located in Cleveland at Canal Road and W. Prospect Avenue, respectively.