Sherwin-Williams outlook

That's my case. I am buying SW paints for the interior painting. I contracted for outside painting from a professional painter who prefers Mautz paint (Mautz was acquired by SW).

-- Ron

SHW defines three product groups. They made three or four acquisitions in 2008.

Sales (2008, in billions of $):

4.83 paint stores 1.27 consumer 1.87 global finishes

1. 97 total

foreign subsidiaries 1.1 (this number found in the text of note 18 of the annual report).

I'm not nuts happy about their reporting, but their numbers are very good, considering. Global finishes was notably higher. The management discussion gives indications about the DYI v. commercial but the numbers do not jump off the page. The paint stores serve both DYI and commercial, while the consumer group manufactures and researches for the paint stores. Global finishes includes automotive and industrial coatings.

One would assume by interpolating new housing starts v. number of years to repaint existing homes that most of their business is painting existing homes. I may call investor relations to ask them if they would supply data on this, and perhaps on number of years repainting can be deferred. Some brand switching may occur, but pent- up demand probably exists accross the industry.