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EXHIBIT 99
[LOGO] FOR IMMEDIATE RELEASE
CONTACT: CONWAY G. IVY
VICE PRESIDENT, CORPORATE
PLANNING AND DEVELOPMENT
216-566-2102
NEWS:
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The Sherwin-Williams Company - 101 Prospect Avenue, N.W.,
Cleveland, Ohio 44115 - (216) 566-2140
CLEVELAND, Ohio, January 22, 2001 - The Sherwin-Williams Company (NYSE: SHW)
announced that its 2000 year end results, to be released on February 8, 2001,
will reflect a charge to operations of approximately $352 million ($294 million
after-tax) or $1.80 per share for impairment of long-lived assets. The Company
expects that its 2000 diluted earnings per share from operations, excluding this
charge, will meet analysts' expectations of $1.90. Cash flow will be unaffected
by this accounting charge. However, earnings per share in 2001 is expected to be
favorably impacted by approximately $0.05 per share.
The impairment of long-lived assets primarily involves goodwill associated with
the Company's Cleaning Solutions, Thompson's, and Pratt & Lambert businesses.
The balance sheet valuation prior to these adjustments reflected expectations of
higher sales, operating margins and cash flows than have been achieved. This
charge is pursuant to accounting standards that reduce the carrying value of
certain assets to a fair value based on current management projections of future
cash flows.
The Board of Directors approved management's plan to explore the sale of the
Cleaning Solutions and Graphic Arts business units. The Graphic Arts assets are
not considered impaired.
Christopher M. Connor, Chairman and Chief Executive Officer, said, "The charge
for asset impairment for Thompson's and Pratt & Lambert does not change
Sherwin-Williams' commitment to these core businesses and our expectations for
future improvement. The sale of the Cleaning Solutions and Graphic Arts
businesses will be explored in order to better focus our resources on our
remaining businesses."
A conference call is scheduled for 2:00 p.m. today, January 22, to discuss this
charge. The conference call will be webcast simultaneously in the listen only
mode via Investor Broadcast Networks' Vcall website, located at
http://www.vcall.com. To listen to the live call, please go to the web site at
least fifteen minutes early to download Real Player, and install any necessary
audio software.
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For those who cannot listen to the live broadcast, a replay will be available at
http://www.vcall.com, approximately two hours after the call and will be
available until Wednesday, January 24, at 5:00 p.m. ET.
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This press release contains certain "forward-looking statements" with respect to
sales, earnings and other matters. These forward-looking statements are based
upon management's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of the Company, that could
cause actual results to differ materially from such statements. These risks,
uncertainties and other factors include such things as: general business
conditions; strengths of retail economies and the growth in the coatings
industry; changes in the Company's relationships with customers and suppliers;
raw material pricing; unusual weather conditions; and other risks and
uncertainties described from time to time in the Company's reports filed with
the Securities and Exchange Commission. Any forward-looking statement speaks
only as of the date on which such statement is made, and the Company undertakes
no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise.