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2015 Annual Report
About Us
The Sherwin-Williams Company was founded by Henry Sherwin and Edward Williams in 1866. Today, we are a global leader in the manufacture, development, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers. The Sherwin-Williams Company is an equal opportunity employer that recruits, selects and hires on the basis of individual qualications and prohibits unlawful discrimination based on race, color, religion, sex, national origin, protected veteran status, disability, age, sexual orientation or any other consideration made unlawful by federal, state or local laws.Paint Stores Group operates
the exclusive outlets forSherwin-Williams® branded
paints, stains, supplies, equipment and oor covering in the U.S., Canada and the Caribbean.The Company manufactures products under well-known brands such as Sherwin-Williams®, Dutch Boy®,
Krylon®, Minwax®, Thompson"s® Water Seal® and many more. With global headquarters in Cleveland, Ohio,
Sherwin-Williams® branded products are sold exclusively through more than 4,600 company-operated stores
and facilities, while the Company"s other brands are sold through leading mass merchandisers, home centers,
independent paint dealers, hardware stores, automotive retailers and industrial distributors. For more
information, visit www.sherwin-williams.com.The Company is comprised of four reportable segments, which together provide our customers innovative
solutions to ensure their success, no matter where they work, or what surfaces they are coating.Contents
Global Finishes Group
manufactures and sells a wide range of OEM product nishes, protective and marine coatings, and automotive nishes to a growing customer base in nearly 100 countries.Consumer Group sells one
of the industry"s strongest portfolios of branded and private-label products through retailers primarily in North America and in parts of Europe and LatinAmerica, and also operates
a highly ecient and productive global supply chain for paint, coatings and related products.Latin America Coatings Group manufactures and sells a wide range of architectural paints, industrial coatings and related products throughout Latin America.Our Global Footprint
Financial Highlights 1
Letter to Shareholders 2
2015 At A Glance 8
Paint Stores Group 10
Latin America Coatings Group 12
Consumer Group 14
Global Finishes Group 16
Shareholder Returns 18
Financial Performance 19
As a global leader in the development, manufacture and sale of paint, coatings and related products, Sherwin-Williams has an
extensive retail presence throughout the Americas, and growing service capabilities in Europe and Asia/Pacic. The Paint Stores
Group has 4,086 company-operated specialty paint stores in the United States, Canada and the Caribbean. More than
90 percent of the U.S. population lives within a 50-mile radius of a Sherwin-Williams store. The Consumer Group manages
a highly ecient global supply chain consisting of 66 manufacturing plants and 37 distribution centers. The Global Finishes
Group sells to a growing customer base in nearly 100 countries around the world and has 296 company-operated automotive,
protective, marine and product nishes branches. The Latin America Coatings Group operates 291 stores primarily located in
Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Uruguay, and sells through more than 500 dedicated dealer outlets.
Sherwin-Williams Denmark A/S
Sherwin-Williams Deutschland GmbH
Sherwin-Williams Diversied Brands (Australia)
Pty Ltd
Sherwin-Williams Diversied Brands Limited
Sherwin-Williams do Brasil Industria e
Comercio Ltda.
Sherwin-Williams France Finishes SAS
Sherwin-Williams HK Limited
Sherwin-Williams (Ireland) Limited
Sherwin-Williams Italy S.r.l.
Sherwin-Williams Luxembourg Investment
Management Company S.a r.l.
Sherwin-Williams (Malaysia) Sdn. Bhd.Sherwin-Williams (Nantong) Company LimitedSherwin-Williams Norway ASSherwin-Williams Paints Limited Liability
Company
Sherwin-Williams Peru S.R.L.
Sherwin-Williams Pinturas de Venezuela S.A.
Sherwin-Williams Poland Sp. z o.o
Sherwin-Williams Protective & Marine
Coatings
Sherwin-Williams (S) Pte. Ltd.
Sherwin-Williams Services (Malaysia) Sdn. Bhd.
Sherwin-Williams (Shanghai) Limited
Sherwin-Williams Spain Coatings S.L.
Sherwin-Williams Sweden ABSherwin-Williams (Thailand) Co., Ltd.Sherwin-Williams UK Automotive LimitedSherwin-Williams Uruguay S.A.Sherwin-Williams (Vietnam) LimitedSherwin-Williams (West Indies) LimitedSWIPCO - Sherwin-Williams do Brasil
Propriedade Intelectual Ltda.
TOB Becker Acroma Ukraine
UAB Sherwin-Williams Baltic
ZAO Sherwin-Williams
Sherwin-Williams (South China) Co., Ltd.
Our Global Footprint
The largest coatings manufacturer in
the United States and third-largest worldwideUNITED STATESCANADA
ASIA/PACIFIC
EUROPE
291paint stores 22
facilities 5 facilities 17 branches 9 facilities 26
branches 16 branches 12 facilities 7 facilities 1 branch 1 branch 198
paint stores 7 facilities
CARIBBEAN
LATIN AMERICA /
SOUTH AMERICA
1 facility 76paint stores
Compania Sherwin-Williams, S.A. de C.V.
Geocel Limited
Jiangsu Pulanna Coating Co., Ltd.
Oy Sherwin-Williams Finland Ab
Pinturas Condor S.A.
Pinturas Industriales S.A.
Productos Quimicos y Pinturas, S.A. de C.V.
Przedsiebiorstwo Altax Sp. z o.o
PT Sherwin-Williams Indonesia
Quetzal Pinturas, S.A. de C.V.
Ronseal (Ireland) Limited
Sherwin-Williams Argentina I.y C.S.A.
Sherwin-Williams Aruba VBA
Sherwin-Williams (Australia) Pty. Ltd.
FOREIGN SUBSIDIARIES
Comex North America, Inc.
Contract Transportation Systems Co.
CTS National Corporation
Omega Specialty Products & Services LLC
Sherwin-Williams Realty Holdings, Inc.
SWIMC, Inc.
The Sherwin-Williams Acceptance
Corporation
DOMESTIC SUBSIDIARIES
Sherwin-Williams Automotive Mexico S.de
R.L.de C.V.
Sherwin-Williams Balkan S.R.L.
Sherwin-Williams Bel
Sherwin-Williams (Belize) Limited
Sherwin-Williams Benelux NV
Sherwin-Williams Canada Inc.
Sherwin-Williams (Caribbean) N.V.
Sherwin-Williams Cayman Islands Limited
Sherwin-Williams Chile S.A.
Sherwin-Williams Coatings India Private Limited
Sherwin-Williams Coatings S.a r.l.
Sherwin-Williams Colombia S.A.S.
Sherwin-Williams Czech Republic spol. s r.o
40facilities
UNITED STATES
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