The Valspar Corporation develops, manufactures, and distributes a range of coatings, paints and related products. Segments The company operates its business in two segments, Coatings and Paints. Coatings segment The Coatings segment includes its industrial product lines and its packaging product line. The company offers a range of decorative and protective coatings for metal, wood and plastic, primarily for sale to original equipment manufacturing (OEM) customers in Asia, Australia, Europe, North America and South America. Products within the Coatings segment include primers, top coats, varnishes, sprays, stains, fillers and other coatings for a range of manufacturing industries, including agricultural and construction equipment, appliances, building products, furniture, metal fabrication, metal packaging and transportation. The company uses various technologies to provide value to its customers. These technologies include electrodeposition, powder, solvent-based, waterborne and UV cured coatings. The company also provides a range of technical, manufacturing and formulation services for its customers. The company’s industrial product lines include general industrial, coil and wood coatings. Its general industrial product line provides customers a single source for powder, liquid and electrodeposition coatings technologies for industries, including agricultural and construction equipment, pipe, lawn and garden, appliance, transportation and marine shipping containers. The company’s coil product line produces coatings applied to metal coils used to manufacture pre-engineered buildings and building components, other metal building and architectural products and appliances. The company’s wood product line supplies decorative and protective coatings for wood furniture, building products, cabinets and floors. The company also provides color design and technical service to its customers. The company supplies its industrial products throughout the world. The company’s packaging product line includes coatings for the interior and exterior of packaging containers, principally metal food containers and beverage cans. The company also produces coatings for aerosol and paint cans, crowns for glass bottles, plastic packaging and bottle closures. Paints segment The Paints segment includes its consumer paints and automotive paint refinish product lines. The company offers paints, primers, topcoats and aerosol spray paints through retailers, distribution networks and company-owned stores. The company offers a portfolio of interior and exterior decorative paints, stains, primers, varnishes and specialty decorative products, such as enamels, aerosols and faux finishes, used in both the do-it-yourself and professional markets. In the U.S. and Canada, the company offers its branded products and private-label brands through approximately 10,000 points of sale. The primary distribution channels for these products are home centers, hardware stores, distributors and independent dealers. In China, the company sells branded consumer paints primarily through distributors and exclusive retailers. In Australia and New Zealand, the company sells branded consumer paints through independent dealers, hardware chains, home centers and Valspar company-owned stores. In the U.K. and Ireland, the company sells branded products primarily through a large home center customer. The company’s primary brands include VALSPAR and CABOT in the U.S.; HUARUN in China; WATTYL, SOLVER and VALSPAR in Australia and New Zealand; and VALSPAR and PLASTI-KOTE in the U.K. and Ireland. The company’s automotive product line includes refinish paints and aerosol spray paints sold through automotive refinish distributors, body shops, automotive supply distributors and automotive supply retailers. The company distributes these products under the DE BEER, VALSPAR, OCTORAL and HOUSE OF KOLOR brands in various countries worldwide. Other In addition to the main product lines within its Coatings and Paints segments, the company manufactures and sells specialty polymers and colorants. Seasonality The company’s sales volume is traditionally lowest during the first quarter of the year (November, December and January), and highest in the third quarter of the year (May, June and July), primarily due to weather and the buying cycle in its Coatings and Paints segments. Customers In 2014, the company’s sales to Lowe’s Companies, Inc. exceeded 10% of consolidated net sales. Research and Development The company’s research and development costs for 2014 were $134.1 million, or 3.0% of net sales. History The Valspar Corporation was founded in 1806.
(VAL:New York Consolidated)
901 3rd Avenue South
Minneapolis, MN 55402
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