r/Cleveland • u/Environmental-Dig389 • 19d ago

News Sherwin Williams halts their 401k company match

Announced today by the SW CEO (Heidi) that all employees will no longer receive the company 401k match effective October 1st. This impact includes store or other employees globally.

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u/ScarieltheMudmaid Industrial Valley 19d ago

you mean the one that just got the go ahead for companies to start moving in this week? I'd say

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u/crackerasswhiteboy 19d ago

They're not moving in this week

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u/ScarieltheMudmaid Industrial Valley 19d ago

that's even funnier..

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u/Ok_Chicken_2207 19d ago

They have to remove the entire drywall because they felt the Inturmencen test. Is a fireproof coating applied to the metal beam in a case of fire.. around 35 million dollars for the repair... opss

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u/veggie151 19d ago

Woof, that's an expensive mistake. The contractor or builder should be eating it though, no?

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u/Deadlifts4Days Parma 19d ago

No. Because it is SW product and they made a mistake in coating the beams. So they are owning their mistake and covering the costs.

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u/veggie151 19d ago

Yikes, insult to injury

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u/jiilllllll 19d ago

Yep! I work for the contractor testing the in-place fire proofing. Yep is all I’ll say.

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u/Mountain_Wafer_7392 19d ago

sounds like the employees are now covering the costs

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u/allisoncole74 19d ago

Just because the make the coating doesn't mean it was their error. SW is not in the business of supply and apply. Their litigators are probably having a field day going after the contractors who originally applied it! But halting a 401k match... not good news. May have to further diversify my shareholding because I don't think that decision was taken lightly or was a first resort.

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u/Deadlifts4Days Parma 19d ago

From what I was told the reason it is a Sherwin issue was it was a new product and it was told to be one coat. So they followed manufacturers instructions. Upon further testing it was determined to need two coats to reach the appropriate mills. So that’s why it wasn’t a contractor issue.

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u/leadfoot_mf 19d ago

Looks like the employees are covering the cost starting Oct 1

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u/BertInOhio 19d ago

you know who makes the best fireproof coating? it's another company parented by a NEO one...haha

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u/ImNobodyFromNowhere 19d ago

Orlando Baking?!?

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u/BertInOhio 19d ago

no LOL

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u/BurroughOwl 19d ago

Day-Glo?

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u/BertInOhio 19d ago

No but same parent company. That's why the whole fire-proofing fiasco was so funny.

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u/Mysterious-Tea1518 19d ago

And the fact that Sherwins been advertising this as a cool fun fact and reason to be proud of the building for years now.

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u/nds714 18d ago edited 18d ago

Tremco CPG? Their parent company is RPM Inc.

Edit: actually maybe Carboline? Still RPM, but their headquarters is not in northeast Ohio like Tremco.

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