Sherwin-Williams Announces Settlement With the Internal Revenue Service - Sherwin-Williams (NYSE:SHW)

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The Sherwin-Williams Company (NYSE: SHW) announced that it has reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan. Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years relating to the matters disclosed in Sherwin-Williams' Current Report on Form 8-K dated May 20, 2011 and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011. Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011 challenging the ESOP related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

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