Description of The Sherwin Williams's Business Segments
Paint Stores Segment
The Paint Stores Segment consists of 2,688 company-operated specialty paint
stores in the United States, Canada, Virgin Islands, Puerto Rico and Mexico.
Each division and business unit of the Segment is engaged in the related business
activity of selling our own manufactured paints, coatings and related products
to end-use customers. During 2003, this Segment opened'45 net new stores, remodeled'
14 and relocated'29. The net new stores consisted of 41'stores in the United
States, 3'in Canada and 1'in Mexico. In 2002, there were'70 net new stores opened
or acquired (62'in the United States). In 2001, 85'net new stores were opened
or acquired (83'in the United States). This Segment also manufactures original
equipment manufacturer (OEM)'product finishes sold through certain shared or
dedicated paint stores and by direct outside sales representatives. In addition
to stores, operations in Mexico include outside selling functions to dealers
and other distributors.
The Paint Stores Segment is the exclusive North American marketer and seller
of Sherwin-Williams' branded architectural paints and coatings, industrial and
marine products, OEM product finishes and related items produced by its product
finishes manufacturing facilities and by the Consumer Segment, including the
Consumer Segment's Mexico manufacturing facility. The loss of any single customer
would not have a material adverse effect on the business of this Segment.
The Consumer Segment develops, manufactures and distributes a variety of paints,
coatings and related products to third party customers and the Paint Stores
Segment. Sales and marketing of certain control-branded and private labeled
products is performed by a direct sales staff. The products distributed through
third party customers are intended for resale to the ultimate end-user of the
product. The Consumer Segment has sales to certain customers that, individually,
may be a significant portion of the sales of the Segment. However, the loss
of any single customer would not have a material adverse effect on the overall
profitability of the Segment. This Segment incurs most of the Company's capital
expenditures related to ongoing environmental compliance measures.
''Consumer Segment: Thompson's', Dutch Boy', Martin Senour', Cuprinol', Pratt
& Lambert', H&C', Rubberset', Dupli-Color', Minwax', White Lightning',
Krylon', Formby's' and Red Devil'.
Automotive Finishes Segment
The Automotive Finishes Segment develops, manufactures and distributes a variety
of motor vehicle finish, refinish and touch-up products primarily throughout
North and South America, the Caribbean Islands and Europe. This Segment also
licenses certain technology and trade names worldwide. Sherwin-Williams' branded
automotive finish and refinish products are distributed throughout North America
primarily through this Segment's network of 142'company-operated automotive
branches in the United States and 16 in Canada. Additional automotive branches
in Jamaica (15), Chile (20) and Peru (1) complete this Segment's worldwide network.
''Automotive Finishes Segment: Sherwin-Williams', Martin Senour', WesternTM,
Lazzuril', Excelo', Baco' and ScottWarren'.
International Coatings Segment
The International Coatings Segment develops, licenses, manufactures and distributes
a variety of paints, coatings and related products worldwide. The majority of
the sales from licensees and subsidiaries occur in South America, the Segment's
most important international market. This Segment sells its products through
28'company-operated specialty paint stores in Chile, 27'in Brazil, 5'in Uruguay
and 1'in Argentina and by outside selling functions to dealers and other distributors.
The Administrative Segment includes the administrative expenses of our corporate
headquarters site. This Segment includes interest expense which is unrelated
to retail real estate leasing activities, investment income, certain foreign
currency transaction losses related to dollar-denominated debt and foreign currency
option and forward contracts, certain expenses related to closed facilities
and environmental-related matters, and other expenses which are not directly
associated with any Operating Segment. Administrative expenses do not include
any significant foreign operations. Also included in the Administrative Segment
is a real estate management unit that is responsible for the ownership, management
and leasing of non-retail properties held primarily for our use, including our
headquarters site, and disposal of idle facilities. Sales of the Administrative
Segment represent external leasing revenue of excess headquarters space or leasing
of facilities no longer used by us in our operations. Gains and losses from
the sale of property are not a significant operating factor in determining the
performance of this Segment.
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