Feb 20 Sherwin-Williams Co said it
reached a settlement deal with the U.S. Department of Labor
related to the U.S. paint maker's employee stock ownership plan
by making a one-time payment of $80 million to the plan.
The company - which markets paints like Dutch Boy, Krylon,
Minwax and Water Seal apart from its namesake brand - said the
payment will result in an after-tax charge to earnings of $49.2
million, or 47 cents per share, in its fourth quarter, ended
Dec. 31, 2012.
In January, the company - which caters to do-it-yourself
customers, contractors and multinational industrial
manufacturers - posted a fourth-quarter profit of $1.12 per
share on revenue of $2.22 billion.
Sherwin-Williams said the agreement will not have an effect
on its full-year 2013 earnings forecast issued on Jan. 31, 2013.