The Cleveland-based Sherwin Williams Company has announced 4th quarter profits of 31%. Earnings for 2006 were up 24% from 2005. ideastream's Mark Urycki reports.
The company that began on the edge of the Cuyahoga River 135 years ago began last year with a problem. A jury in Rhode Island found Sherwin Williams and two other major paint producers guilty of selling a toxic product - lead paint. The judge in that case has yet to decide to mete out punishment or agree to a new trial.
But sales for the company took off last year - up 8.6%. And CEO Christopher Connor told investors yesterday that came amidst a slow market.
The maker of Krylon, Thompson's, and Dutch Boy paints opened 117 new stores last year and Connor says the company will open another 100 this year. Sherwin Williams is the largest paint maker in the U.S. with over 3,000 stores and about 30,000 employees.