Sherwin-Williams to Take $352 Million Charge, Explore Sale of Two Units
CLEVELAND — The Sherwin-Williams Co. announced that it will take a fourth-quarter 2000 charge of approximately $352 million for “impairment of long-lived assets” involving goodwill associated with the company’s Cleaning Solutions, Thompson’s and Pratt & Lambert businesses. The company said the businesses’ balance-sheet valuation prior to the adjustments reflected expectations of higher sales, operating margins and cash flows than have been achieved.
Sherwin-Williams also said it plans to explore the sale of its Cleaning Solutions and Graphic Arts business units.