PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Paint and Coatings Industry News

Main News Page


Valspar Corp. Announces Buyback of 15M Shares

Thursday, October 14, 2010

Comment | More

The Valspar Corp. Board of Directors has authorized the repurchase of up to 15 million shares of outstanding common stock—about 15% of the company’s current outstanding shares, the company announced Wednesday (Oct. 13).

The new authorization is effective immediately, does not expire, and replaces the authorization approved in October 2009, which allowed for the repurchase of up to 4 million shares.

Shares may be purchased at management's discretion in market transactions or negotiated private purchases, said the Minneapolis-based paint and coatings manufacturer.

Depending on market conditions and other factors, these repurchases may commence or cease from time to time without prior notice, the company said. As of Oct. 12, the company had 97,969,277 common shares outstanding.

Buyback Boon

Several companies have been announcing or boosting buyback efforts lately, some because the need to preserve capital has eased during the economic recovery and others because they consider their equity undervalued, Dow Jones Newswire reports.

Valspar now has 1.5 million fewer shares outstanding compared with a year ago, Dow Jones said.

In its third-quarter earnings report, Valspar reported sales of $873.9 million, a 10% increase from the same period last year. Third-quarter adjusted net income per share increased to $0.70 in 2010, from $0.67 in 2009.

Valspar’s revenue grew less than expected, and gross margin suffered from rising materials costs, according to Dow Jones. Valspar’s company's stock closed Wednesday at $31.57, up 0.4%. The shares have risen 16% in value since the beginning of the year, outpacing the broader market climb, Dow Jones reported.

For more information, visit www.valsparglobal.com.

   

Tagged categories: Valspar

Comment Join the Conversation:

Sign in to our community to add your comments.

DeFelsko Corporation
PosiTector Dew Point Meter

Measures and records
environmental conditions
during surface prep and
painting. 4 Models
Available – Standard
or Advanced features,
Built-in or Separate probe.


Safway Services
One Source. Every Solution.

The Safway Group is your source for multiservices. Painting, coating, insulation and more – all from the most trusted name in the industry.


Bullard

The Next Generation
of Blasting

• Lightest
• Coolest
• Most Comfortable
• Most Dependable


Simpson Strong-Tie
Repair, Protect & Strengthen

Need a coating? Turn to Fox. We have solutions to repair, protect and strengthen concrete, steel and wood substrates. Call 888-760-0369 or email info@foxind.com


Polyval Coatings
Polyflex® Polyurea Linings

exhibit outstanding versatility in use; providing abrasion resistance, superior seamless waterproofing and high-chem corrosion protection. www.polyflexlinings.com


Greener Blast Technologies
Reinventing the Blasting Industry

Greener Blast Technology, Inc. manufactures the most effective slurry blasting system available on the market to date.


Industrial Vacuum Equipment Corp.
Hurricane Vacuums
& Dust Collectors

Vacuum and dust collector hose, filters and related accessories.
IndustrialVacuum.com

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker JPCL Europe

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com