Paints and coatings manufacturer Sherwin-Williams Company will expand its facilities in Statesville with a $324 million investment.
North Carolina Gov. Roy Cooper said in a Feb. 8 statement that the company plans to significantly expand its manufacturing capacity and establish a larger distribution center at the Iredell County site.
“Manufacturers choose North Carolina time and again, thanks to our state’s skilled workforce, modern transportation networks, and central, East Coast location,” Cooper said. “Companies already doing business here understand our strengths best, and we’re glad Sherwin-Williams will continue to call our state home.”
The Statesville project includes a 36,000-sq. ft. extension of its existing 200,000-sq.-ft. 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 Chief Executive Officer. “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 North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
The Sherwin-Williams project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. 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.
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.
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.