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.

Blastox/The TDJ Group, Inc.
Blastox - One Step
Lead Abatement

Don't waste $$ on added labor steps with other methods. Don't mix, meter or apply at the job-site. Avoid strict hazardous waste rules.
Let your painters paint!


DRYCO
Control the Tank with DRYCO

Temporary climate control equipment. Dehumidifiers,
Heaters, A/C, Power, More…
Toll Free: 866-379-2600


PreTox Products - NexTec, Inc.
GOT LEAD? Specify Pretox System products

The ONLY Lead Stabilizer Compatible with All Paint Removal Methods. Works with all Blast Media: Grits | Recyclable Abrasives | CO2 | Water | Power Tools | Etc. Call Dave Steffen at 800.338.8296.


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

Join SSPC and Enhance
Your Career !


Elcometer, Inc.
Durability & Design meet
Performance & Reliability

Elcometer 319 Dewpoint Meter
View the technical data on the Elcometer Dewpoint meter.


LS Industries
LS Blasters: Optimum Steel Cleaning Efficiency

Simplify surface prep with the precise shot control of LS Blasters. Our blast technology delivers optimum coverage and finish. 800-533-8008


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.

 
 
 
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