PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

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.

SSPC: The Society for Protective Coatings
http://www.sspc.org/

Join SSPC and Enhance
Your Career !


Atlas Material Testing Technology

Helping You Put Your Products To The Test

• Outdoor Accelerated
Weathering
• Laboratory Testing
Services
• Accelerated Weathering
Instruments

www.atlas-mts.com atlas.info@ametek.com


NLB Corporation
Rotating water jets increase coverage

NLB lance has rotating water jets (40,000 psi), widening the spray pattern to cover more area. Features air-driven swivel with dual triggers to enhance safety.


HoldTight Solutions Inc.
NO FLASH RUST -
NO CONTAMINANTS

Our HoldTight®102 salt remover & flash rust preventer prevents flash
rust by removing surface contaminants. It has no equal; only wannabees.
Contact us for your
nearest distributor.
(800) 319.8802 sales@holdtight.com


Dampney Co., Inc.
High Heat Stainless Steel Paint & Coating

Wood burning stoves, fire pits, BBQ Smokers, Exhaust Manifolds Aerosol Cans, Quarts, Gallons, 5 gallons 1200F resistance


Midsun Specialty Products
Stopaq 30+ Year Coatings

Use Stopaq corrosion prevention coatings on pipelines, field joints, tank chimes, structural steel and more. Learn more at www.midsunsp.com/stopaq


Carboline Company
Fireproofing Solutions

Pyroclad® X1 Thermo-Lag® Pyrocrete® – protecting against hydrocarbon and jet fires, explosions, and cryogenic spills.


Clemco Industries Corp.
Powerful Protection in a Small Package

Mounts inside blast helmet, alerts operator to dangerous breathing-air condition by audible, visual, and vibratory alarms. Easily calibrated, battery operated.


Axxiom Manufacturing
The Undisputed
Industry Leader.

Proven Innovation. Job Performance. Industry Training. Workplace Safety. Only Schmidt® abrasive blast equipment by Axxiom Manufacturing delivers it all!

 
 
 
Technology Publishing

The Technology Publishing Network

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

 
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 2000-2015, 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