The Sherwin-Williams Company is engaged in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers primarily in North and South America, with additional operations in the Caribbean, Europe, Asia, and Australia . The company is structured into three main reportable segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group . Sherwin-Williams sells a variety of products, including architectural paints, stains, varnishes, and industrial coatings .
-
Paint Stores Group - Operates 4,694 specialty paint stores in the United States, Canada, and the Caribbean, serving architectural and industrial paint contractors and do-it-yourself homeowners. The majority of products sold are manufactured by the Consumer Brands Group .
-
Consumer Brands Group - Manufactures and distributes a wide range of branded and private-label architectural paints, stains, varnishes, and other products to retailers, including home centers and hardware stores, across North America, Latin America, and Europe. Also operates 318 specialty paint stores in Latin America .
-
Performance Coatings Group - Develops and sells industrial coatings for various applications, including wood finishing, automotive refinish, and protective and marine coatings. Operates 322 company-operated branches and distributes products through various channels .
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John G. Morikis ExecutiveBoard | Executive Chairman | Director of Fortune Brands Innovations, Inc.; Director of General Mills, Inc.; Chairman of University Hospitals Health System, Inc.; Policy Advisory Board of the Joint Center for Housing Studies of Harvard University | John G. Morikis has been with SHW since 1984 and will retire as Executive Chairman on December 31, 2024. He has held several key positions, including CEO from 2016 to 2024. | |
Allen J. Mistysyn Executive | Senior Vice President – Finance and Chief Financial Officer | None | Allen J. Mistysyn joined SHW in June 1990 and became CFO in January 2017. He has certified multiple financial reports under the Sarbanes-Oxley Act. | |
Bryan J. Young Executive | Senior Vice President – Corporate Strategy and Development | None | Bryan J. Young joined SHW in June 2017 and became Senior Vice President in March 2021. He plays a significant role in corporate strategy and development. | |
Colin M. Davie Executive | President & General Manager, Global Supply Chain Division, Consumer Brands Group | None | Colin M. Davie has been with SHW since 1995 and became President & General Manager in 2024. He oversees global supply chain operations. | |
Gregory P. Sofish Executive | Senior Vice President – Human Resources | None | Gregory P. Sofish joined SHW in September 1996 and became Senior Vice President in January 2023. He has held various roles in compensation and rewards. | |
Heidi G. Petz Executive | President and Chief Executive Officer | Director at Ulta Beauty, Inc.; Board of Directors of University Hospitals Health System, Inc.; Policy Advisory Board of the Joint Center for Housing Studies of Harvard University | Heidi G. Petz has been with SHW since June 2017 and became CEO on January 1, 2024. She has held various leadership roles within the company, demonstrating growth and operational excellence. | View Report → |
J. Paul Lang Executive | Senior Vice President – Enterprise Finance & Chief Accounting Officer | None | J. Paul Lang has been with SHW since at least 2018 and became Senior Vice President & Chief Accounting Officer in January 2025. | |
James R. Jaye Executive | Senior Vice President of Investor Relations and Corporate Communications | None | James R. Jaye has been with SHW since October 2017 and became Senior Vice President in June 2019. He oversees investor relations and corporate communications. | |
Justin T. Binns Executive | President, Global Architectural | None | Justin T. Binns has been with SHW since August 1997 and became President, Global Architectural in January 2024. He has led various divisions within SHW. | |
Karl J. Jorgenrud Executive | President, Global Industrial | None | Karl J. Jorgenrud joined SHW in June 2017 and became President, Global Industrial in January 2024. He leads the Global Industrial business. | |
Mary L. Garceau Executive | Senior Vice President – Chief Legal Officer and Secretary | None | Mary L. Garceau joined SHW in February 2014 and became Chief Legal Officer in February 2024. She has played a significant role in legal and corporate governance matters. | |
Todd D. Rea Executive | President, Consumer Brands Group | None | Todd D. Rea has been with SHW since April 1993 and became President, Consumer Brands Group in November 2021. He focuses on growth opportunities and category management. | |
Aaron M. Powell Board | Director | Chief Executive Officer, Pizza Hut Division, Yum! Brands, Inc. | Aaron M. Powell has been a director at SHW since 2021. He is also the CEO of the Pizza Hut Division at Yum! Brands. | |
Christine A. Poon Board | Director | Lead Independent Director at Regeneron Pharmaceuticals, Inc.; Director at Prudential Financial, Inc. | Christine A. Poon has been a director at SHW since 2014. She brings over 20 years of strategic and operational leadership experience. | |
Jeff M. Fettig Board | Lead Director | Director of Dow Inc.; Director of Kohler Company; Director of the Indiana University Foundation | Jeff M. Fettig has been a director at SHW since 2019 and became Lead Director in 2023. He has extensive experience in public company management. | |
Kerrii B. Anderson Board | Director | Director at Laboratory Corporation of America Holdings; Director at Worthington Industries, Inc.; Director at Abercrombie & Fitch Co. | Kerrii B. Anderson has been a director at SHW since 2019. She serves as Chair of the Compensation and Management Development Committee. | |
Marta R. Stewart Board | Director | Director of Simon Property Group, Inc. | Marta R. Stewart has been a director at SHW since 2021. She has extensive financial expertise from her career at Norfolk Southern Corporation. | |
Matthew Thornton III Board | Director | Director of Crown Castle International Corp.; Member of The Executive Leadership Council | Matthew Thornton III has been a director at SHW since 2014. He has extensive management and leadership experience from his career at FedEx Corporation. | |
Michael H. Thaman Board | Director | Director at L’Air Liquide S.A.; Director at Kohler Company; Director at UL Solutions Inc. | Michael H. Thaman has been a director at SHW since 2017. He brings extensive operational experience and strategic insights. | |
Thomas L. Williams Board | Director | Director at The Goodyear Tire & Rubber Company; Director at Veralto Corporation | Thomas L. Williams joined the SHW Board of Directors in 2023. He has over 30 years of global experience in the industrial sector. |
-
Given the elevated SG&A investments impacting your operating margins, can you clarify when you expect these investments to translate into significant market share gains and margin expansion, particularly in the Paint Stores Group?
-
With ongoing choppy demand and the DIY market remaining soft, what specific strategies are you implementing to drive growth in the Consumer Brands Group and mitigate the impact of weak existing home sales and inflation?
-
Considering the recent competitive shifts in the industry, such as moves by Kelly Moore and PPG, how is Sherwin-Williams positioning itself to capitalize on these changes, and are there specific market share opportunities you are targeting?
-
In light of potential headwinds from increased feedstock costs, especially in propylene and epoxy resins, how do you anticipate these raw material price fluctuations will affect your gross margins, and what strategies do you have to manage these cost pressures?
-
Given the challenges in your Refinish business due to lower insurance claims and consumers' reluctance to pay deductibles, do you view this issue as structural or temporary, and what measures are you taking to offset these pressures and drive growth in this segment?
Research analysts who have asked questions during SHERWIN WILLIAMS earnings calls.
Aleksey Yefremov
KeyBanc Capital Markets
5 questions for SHW
Arun Viswanathan
RBC Capital Markets
5 questions for SHW
Garik Shmois
Loop Capital Markets
5 questions for SHW
Ghansham Panjabi
Robert W. Baird & Co.
5 questions for SHW
Jeffrey Zekauskas
JPMorgan Chase & Co.
5 questions for SHW
John Ezekiel Roberts
Mizuho Securities
5 questions for SHW
John McNulty
BMO Capital Markets
5 questions for SHW
Kevin McCarthy
Vertical Research Partners
5 questions for SHW
Michael Sison
Wells Fargo
5 questions for SHW
Patrick Cunningham
Citigroup
5 questions for SHW
Vincent Andrews
Morgan Stanley
5 questions for SHW
Aron Ceccarelli
Berenberg
4 questions for SHW
David Begleiter
Deutsche Bank
4 questions for SHW
Laurence Alexander
Jefferies
4 questions for SHW
Charles Cerankosky
Northcoast Research
3 questions for SHW
Christopher Parkinson
Wolfe Research
3 questions for SHW
Eric Bosshard
Cleveland Research Company
3 questions for SHW
Gregory Melich
Evercore ISI
3 questions for SHW
Joshua Spector
UBS
3 questions for SHW
Michael Harrison
Seaport Research Partners
3 questions for SHW
Michael Leithead
Barclays
3 questions for SHW
Patrick Fischer
Goldman Sachs
3 questions for SHW
Steve Byrne
Bank of America
3 questions for SHW
Adam Baumgarten
Zelman & Associates
2 questions for SHW
Chris Parkinson
Wolfe Research, LLC
2 questions for SHW
Chuck Cerankosky
Northcoast Research
2 questions for SHW
Duffy Fischer
Goldman Sachs
2 questions for SHW
Greg Melich
Evercore ISI
2 questions for SHW
Josh Spector
UBS Group
2 questions for SHW
Matt Dale
Bank of America
2 questions for SHW
Mike Harrison
Seaport Research Partners
2 questions for SHW
Emily Fusco
Deutsche Bank
1 question for SHW
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Suvinil | 2025 | The planned acquisition of Suvinil, Brazil’s leading architectural paints business from BASF’s portfolio is valued at $1.15 billion in an all-cash transaction and is expected to close in the second half of 2025; the deal aims to accelerate Sherwin-Williams’ growth in Brazil by leveraging Suvinil’s strong brand and distribution network. |
Specialized Industrial Coatings Holding (SIC Holding) | 2023 | Completed in October 2023, this deal brought in the German-based SIC Holding—including Oskar Nolte GmbH and Klumpp Coatings GmbH—to expand Sherwin-Williams’ industrial wood coatings business, with the acquired operations now reported within its Performance Coatings Group. |
Gross & Perthun GmbH | 2022 | Completed in July 2022, this acquisition of the German developer, manufacturer, and distributor of coatings for the heavy equipment and transportation sectors was part of a group transaction totaling approximately $649.1 million and is reported within Sherwin-Williams’ Performance Coatings Group. |
Dur-A-Flex, Inc. | 2022 | Also completed in July 2022, the acquisition of Dur-A-Flex, Inc.—a domestic floor coatings company—was executed as part of the group deal (which included Gross & Perthun GmbH and Powdertech Oy Ltd.) with recognized allocations of $214.2 million in intangible assets and $380.5 million in goodwill. |
Powdertech Oy Ltd. | 2022 | Completed in July 2022, this acquisition of the Finland-based distributor of powder coatings was part of a group transaction valued at approximately $649.1 million with purchase price allocation reflecting $214.2 million in intangible assets and $380.5 million in goodwill, enhancing Sherwin-Williams' Performance Coatings Group. |
European Industrial Coatings Business of Sika AG | 2022 | Finalized on April 1, 2022, this acquisition of Sika AG’s European industrial coatings business, purchased for about $211.4 million, enhances Sherwin-Williams’ anticorrosion and fire protection coating capabilities within its Protective & Marine division and was funded through operating cash and credit facilities. |
Recent press releases and 8-K filings for SHW.
- Sherwin-Williams has completed the acquisition of BASF’s Brazilian architectural paints business, Suvinil, following regulatory approvals this year.
- Suvinil reported approximately $525 million in sales for the year ended December 31, 2024, operates two production facilities in Northeast and Southeast Brazil, and employs about 1,000 people.
- The purchase was at a low-teens EBITDA multiple, with Sherwin-Williams targeting a net-debt/EBITDA ratio of 2.0–2.5× by year-end 2025; Suvinil is expected to increase Q4 2025 consolidated sales by a low-single-digit percentage with an immaterial EPS impact.
- Amended its existing revolving credit agreement on August 8, 2025, extending the maturity from July 31, 2029 to August 8, 2030, removing the Term SOFR credit spread adjustment and updating the pricing grid.
- Established a new 364-day senior unsecured delayed-draw term loan facility with a $750 million USD tranche and a €250 million EUR tranche, available for single draw through October 31, 2025, maturing 364 days after funding, and featuring a consolidated leverage covenant of 3.75× EBITDA (temporarily 4.25× post-acquisition).
- Sherwin-Williams launched an offering on July 29, 2025 for $500 million 4.300% Senior Notes due 2028, $500 million 4.500% Senior Notes due 2030, and $500 million 5.150% Senior Notes due 2035.
- The securities are issued under the Base Indenture dated August 10, 2022, as supplemented by Fifth, Sixth and Seventh Supplemental Indentures dated July 31, 2025.
- The notes priced at 99.592%, 99.291% and 99.316% of par for the 2028, 2030 and 2035 maturities, respectively, plus accrued interest, with settlement on July 31, 2025.
- BofA Securities, Citigroup and J.P. Morgan acted as representatives of the underwriters, and Jones Day opined that the notes constitute valid and binding obligations of the Company.
- Earnings and margins improved with adjusted EPS up 3.7% to $2.25 and adjusted EBITDA growing by 4.6% to $937.0 million, despite consolidated net sales declining by 1.1% to $5.31 billion.
- The company returned $552.1 million to shareholders via dividends and share repurchases, including a 10.5% dividend increase, supported by a $352 million share buyback program.
- Sherwin-Williams reaffirmed its full-year 2025 guidance, underscoring confidence amid challenging market conditions.
- Segment performance was mixed with the Paint Stores Group and Protective & Marine segment showing revenue growth, while Consumer Brands and Performance Coatings groups experienced declines.
- The announcement of the Suvinil acquisition is aimed at bolstering market leadership in Latin America.
- Anticipated raw material cost increases in Q2 may prompt pricing adjustments to counter tariff impacts.
- The filing includes amended and restated Articles of Incorporation effective as of April 2025, eliminating supermajority voting requirements and updating the company's share structure.
- The 2025 Equity and Incentive Compensation Plan was approved, authorizing 21,969,555 shares for option rights and other equity awards.
- Shareholders approved key proposals on director elections, executive compensation, and charter amendments, reflecting clear proxy vote outcomes.
- Sherwin-Williams Company filed an 8-K on March 10, 2025, detailing Amendment No. 10 to its existing Amended and Restated Credit Agreement.
- The Amendment extends the maturity date for the $75,000,000 commitment from June 20, 2025 to June 20, 2030, and outlines scheduled reductions for other commitments on specific dates.
- The agreement modifications were executed with Goldman Sachs Bank USA as Administrative Agent and Goldman Sachs Mortgage Company as Issuing Bank, confirming the revised credit terms remain in effect.