CLEVELAND (AP) — Cleveland Mayor Frank Jackson says the city is working to keep Sherwin-Williams from leaving town.

The Fortune 500 paint company announced Thursday it’s searching for a new location for its global headquarters and research-and-development facility.

Chairman and CEO John Morikis said the company has grown significantly over the past several decades and its current complex is now "a less than optimal configuration."

Sherwin-Williams’ global headquarters has been in Cleveland for 130 years. It pays the city $15 million a year in taxes.

Jackson said he immediately engaged Cleveland’s economic development team to help the city prevail in the company’s search. He said he’s assured Sherwin-Williams executives that Cleveland will be competitive against other locations in Ohio and other states.

A move isn’t likely to occur before 2023.