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The Valspar Corporation is an American manufacturer of paint and coatings based in Minneapolis, Minnesota. With over 11,000 employees in 26 countries and a company history that spans two centuries, it was the sixth largest paint and coating corporation in the world.[4] Valspar was founded in 1806 as a paint dealership in Boston, Massachusetts. The Valspar name emerged in 1903 as the name of a clear varnish and became the company name in 1932.[citation needed]

Key Information

On March 20, 2016, Sherwin-Williams announced its intention to pay $9.3 billion to acquire Valspar.[5] The acquisition finalized on June 1, 2017.[6]

History

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19th century beginnings

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In 1806, Samuel Tuck established a paint dealership in Boston, Massachusetts called "Paint and Color".[3] Over the next 50 years, the dealership changed owners and names several times and was eventually acquired by Augustine Stimson. In 1832, Lawson Valentine incorporated Valentine & Company as a varnish manufacturer in Boston. The two businesses eventually merged under the name Stimson & Valentine.[7]

In 1855, Otis Merriam joined as a principal owner, and in 1860, Henry Valentine, Lawson's brother, joined the company. By 1866, both Stimson and Merriam had retired from the group and the company name was changed back to Valentine & Company. Lawson hired Charles Homer, brother of American artist Winslow Homer, as a chemist for the company. Homer was one of only a few chemists in the U.S. at that time, and was the first such specialist recruited into the American varnish industry.[7]

In 1870, Valentine & Company relocated to New York City and acquired the Minnesota Linseed Oil Paint Company. Around this time, the company began to develop varnishes for use on vehicles that could compete with English-made varnishes. Henry Valentine succeeded his brother as president in 1882, taking over a company with operations in Boston, Chicago, New York City, and on the west coast of the U.S. Later, their operations expanded to Pennsylvania and Paris.[7]

The Valspar name

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Valspar was the first ever clear varnish; it was developed by L. Valentine Pulsifer, Lawson Valentine's grandson. Pulsifer had joined the company in 1903 after earning a degree in chemistry from Harvard University. After three years of experimentation, he created the clear varnish, which went into production by 1905. The Valspar varnish was the company's main product for more than 30 years. The advertising tagline, "The varnish that won't turn white" made Valspar a household name. Famous users of Valspar included Robert Peary in his 1909 expedition, the U.S. military during World War I, and Charles Lindbergh during his 1927 solo intercontinental flight.[7]

In 1932, the Valspar Corporation was formed, with Valentine & Company retained as a subsidiary. In 1960, Valspar merged with Ralph Baudhuin's Rockcote, which gave the company more manufacturing in the midwestern U.S. and a new headquarters in Ardmore, Pennsylvania. Under the leadership of Ralph and F. J. Baudhuin, Valspar averaged almost two acquisitions per year through the 1960s. In June 1970, Valspar merged with Minnesota Paints and relocated to Minneapolis, Minnesota. Its former president, C. Angus Wurtele, became chairman of Valspar in 1973. The influx of cash from this latest acquisition boosted Valspar's acquisition power, and by the end of the decade, the company's annual revenue had increased by $74 million.[7]

Era of acquisitions

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Before the 1980s, Valspar's primary focus was on its consumer business.[citation needed]

In 1984, the company acquired Mobil's coatings division for $100 million, which was a low price because the division represented less than 0.5 percent of Mobil's total business. This acquisition effectively doubled Valspar's revenues. Valspar completed the integration of Mobil's operations by 1986.[8]

Throughout the rest of the 1980s and during the early 1990s, Valspar continued to acquire paint and coatings companies and continued growing. It acquired the Enterprise Paint Companies in 1987, the McCloskey Corporation in 1989, and Hi-Tek Polymers and portions of Cook Paint and Varnish Company in 1991. Valspar announced in 1993 that it would acquire Cargill's resin products division, but the Federal Trade Commission tried to block it because Valspar would have had too large a share of the resin market in the midwestern U.S. Valspar went ahead with the deal anyway, but divided the business between two companies: McWhorter Technologies and Engineered Polymer Solutions.[citation needed]

Richard Rompala, formerly of PPG Industries, became president of Valspar in 1994, chief executive officer in 1995, and chairman in 1998.[7] He pushed the then-primarily North American company into China, Hong Kong, Brazil, Mexico, and South Africa and acquired a number of companies.[7] In 2000, Valspar acquired Lilly Industries for $1.04 billion, which required Valspar to divest its mirror coatings business to conform with U.S. antitrust law.[7] Because of the cooling economy, restructuring charges from 14 plant closings in 2001, increasing raw materials prices, and higher debt servicing costs, Valspar's 26 consecutive years of earnings growth ended.[7]

In 2005, Valspar bought Samuel Cabot Incorporated, known for its Cabot brand interior and exterior stains and finishes. Cabot had been privately owned since 1877.[9]

Sherwin-Williams acquired Valspar on June 1, 2017 in an all-cash deal valued at $9.3 billion.

Notable employees

[edit]

References

[edit]
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Valspar

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Valspar Corporation was an American multinational company that developed, manufactured, and distributed a broad range of , coatings, and related products worldwide. Founded in 1806 as a paint dealership called Paint and Color in , , by Samuel Tuck, the company underwent several name changes and mergers, including incorporation as Valentine and Company in 1832. A pivotal occurred in when L. Valentine Pulsifer created the first clear, quick-drying , originally named "Valspar" as a blend of "" and "spar," which became the basis for the company's modern identity after it adopted the name in . By the late , Valspar had grown through strategic acquisitions, such as Mobil's coatings business in 1984 and various international expansions, establishing itself as a leader in industrial, packaging, consumer, and automotive coatings. Headquartered in , , the company operated manufacturing facilities across , , , , , and , with about 11,100 employees in over 25 countries and 45% of its 2016 net sales generated outside the . Its business was divided into two primary segments: the Coatings segment, focusing on industrial and packaging coatings, and the Paints segment, encompassing consumer paints and automotive refinish products. In June 2017, The Company completed its $11.3 billion acquisition of Valspar, integrating it as a wholly-owned and accelerating global expansion in the paints and coatings sector. Today, Valspar remains an industry-leading brand under , offering durable interior and exterior , wood stains, primers, brushes, rollers, and sealers with advanced features like water beading technology, available at retailers such as and independent stores.

History

Founding and early development

The origins of what would become Valspar trace back to 1806, when Samuel Tuck established a paint dealership in , , named Samuel Tuck’s Paint and Color, which initially focused on producing and colors for various applications. This business laid the groundwork for the company's entry into the coatings industry, operating as a key supplier in the region's growing commercial sector. Over the subsequent decades, the dealership changed hands multiple times before being acquired by Augustine Stimson, who expanded its operations in and related products. In 1832, Lawson Valentine incorporated Valentine and Company in as a dedicated varnish manufacturer, building on the demand for high-quality finishes in industrial and consumer markets. Around 1852, Valentine and Company merged with the former Paint and Color operation under Stimson, forming Stimson & Valentine, which concentrated on production while continuing to offer paints. In 1855, Otis Merriam joined as a principal partner, further strengthening the firm's expertise in durable coatings. By 1866, following the retirements of both Stimson and Merriam, —Lawson and Henry—assumed full control, renaming the business Valentine & Company and solidifying its position as a leading producer of industrial . The company emphasized varnishes for wooden ships and furniture, with a particular early focus on tailored for maritime applications to protect against harsh environmental conditions at sea. This specialization established Valentine & Company's reputation for protective coatings that endured in demanding settings. In the early , the firm transitioned toward the Valspar brand, marking a pivotal evolution in its product identity.

Origin of the Valspar name

In 1906, L. Valentine Pulsifer, a and grandson of the company's founder Lawson Valentine, developed the first clear, water-resistant while working for Valentine & Company, a Boston-based firm with roots in 19th-century production. Pulsifer's addressed a key limitation of traditional varnishes, which clouded or turned white upon exposure to water, by creating a durable, transparent coating suitable for harsh environments. Pulsifer named the product "Valspar" by combining his middle name "Valentine," honoring the family legacy, with "spar," a nautical term for the wooden masts of ships where such varnishes were essential. He patented the formula, marketing it as a for marine and industrial applications due to its resistance to saltwater corrosion and weathering. Demonstrations, such as at the 1909 New York Motor Boat Show where Valspar remained clear while competitors whitened, highlighted its superiority, and it quickly became a standard for protecting ship masts during expeditions, including Robert Peary's 1909 journey. The product's initial commercial success, showcased at events like the 1908 Grand Rapids Furniture Show and through national advertising campaigns emphasizing "the varnish that won't turn white," propelled its expansion from industrial uses to consumer applications such as furniture and household finishes. Capitalizing on this momentum, Valentine & Company rebranded as The Valspar Corporation in 1932, with the original firm operating as its subsidiary to leverage the varnish's established reputation.

Expansion through mergers and acquisitions

Valspar's expansion in the mid-20th century was significantly driven by strategic that diversified its product offerings and strengthened its market position. In 1960, the company merged with Rockcote Paint Company, a Rockford, Illinois-based firm, which added consumer paint lines and expanded Valspar's capabilities in architectural coatings, while consolidating operations and establishing new headquarters in Rockford. This merger marked the beginning of a period of frequent acquisitions, averaging nearly two per year throughout the , focusing on enhancing and distribution in the Midwest. By 1970, Valspar further consolidated its regional presence through a merger with privately held Paints, Inc., of , which had annual sales of $24 million compared to Valspar's $27 million. The combined entity generated $47.6 million in revenue and $226,000 in earnings in its first year, prompting the relocation of to and boosting market share in the architectural and industrial coatings sectors in the . This move provided a stronger financial base for subsequent growth initiatives. A pivotal acquisition occurred in 1984 when Valspar purchased Corporation's chemical coatings business for $100 million, more than doubling the company's size from $161 million in revenue the prior year and introducing it to the coatings market. The deal elevated Valspar to the fifth-largest coatings company in , with the acquired division contributing approximately $180 million in sales and expanding its industrial applications, particularly in metal decorating. In the mid-1990s, Valspar pursued international expansion through a multi-stage acquisition of Coates Coatings from TOTAL S.A., beginning in with the purchase of its European, U.S., and Australian operations for $47.3 million, followed by additional phases in 1997 that included facilities in the UK, , , , , , and . These deals focused on packaging and metal coatings, significantly broadening Valspar's global footprint. In 1998, Valspar acquired Dexter Corporation's worldwide packaging coatings business, which had generated $208 million in revenues the previous year and was particularly strong in , positioning the company as the global leader in that segment with a 35-40% . These acquisitions propelled Valspar's overall sales to $1 billion by fiscal year 1997, up from $650 million in 1990, through diversified portfolios and enhanced operational scale. International sales, which had comprised just 3% of total revenue in the mid-1990s, grew to nearly 20% by the late 1990s, driven by the Coates and Dexter deals and supporting joint ventures in and . This period of aggressive expansion culminated in Valspar's acquisition by in 2017.

Acquisition by Sherwin-Williams

On March 20, 2016, The Company announced its agreement to acquire The Valspar Corporation in an all-cash transaction valued at $11.3 billion, offering $113 per share to Valspar shareholders. This price represented a premium of approximately 41% over Valspar's volume-weighted average share price for the 30 days ending March 18, 2016. The deal was unanimously approved by the boards of directors of both companies and was expected to combine their complementary portfolios in paints and coatings. The acquisition faced regulatory scrutiny from the U.S. (FTC), which raised concerns about potential anticompetitive effects in the North American industrial wood coatings market. In May 2017, the FTC granted conditional approval, requiring to divest Valspar's North American industrial wood coatings business to maintain competition. As part of this settlement, announced on April 12, 2017, the business—including manufacturing facilities in , and —was sold to Coating Systems for $420 million in cash. The transaction closed on June 1, 2017, after receiving all necessary regulatory clearances, transforming Valspar into a wholly-owned of Sherwin-Williams and initiating its integration into the acquirer's global operations. Strategically, the merger positioned the combined entity as the world's largest paints and coatings company, with 2016 revenues of $15.8 billion and enhanced market positions in both architectural and industrial segments through complementary geographic and product strengths. This scale allowed for greater , supply chain efficiencies, and customer service capabilities across more than 120 countries.

Business operations

Product lines and brands

Valspar's architectural paint lines cater primarily to use, offering a range of interior and exterior products designed for projects. Key offerings include Valspar Ultra Interior + Primer, which provides durable coverage with low-VOC formulas suitable for walls and ceilings, and Valspar Reserve Interior + Primer, the brand's premium line featuring one-coat hide, fade-resistant color, and advanced acrylic protection for high-traffic areas. These paints, along with seasonal color collections and wood stains, are widely available at retailers such as , emphasizing ease of application and aesthetic versatility for residential applications. In the industrial sector, Valspar specializes in coatings for and metal applications, including finishes for metal containers and coil coatings used in durable surfaces. The brand maintains a leading position in non-BPA coatings, serving global markets with innovative solutions that enhance product protection and , including the ongoing development of valPure V70 non-BPA coatings under . Specialty products under Valspar include licensed lines such as paints, featuring elegant, heritage-inspired colors for interior decor. These build on the company's original expertise in protective varnishes derived from technology dating back to its founding. Following the 2017 acquisition by , Valspar retained its consumer architectural paints as a distinct sub-brand while divesting its North American industrial wood coatings business to Coating Systems to address antitrust concerns. This integration has positioned Valspar as a key component of ' broader portfolio, focusing on architectural and select industrial segments without overlapping in divested areas like wood finishes, with recent innovations such as the 2025 Color of the Year "Encore."

Market segments and global presence

Valspar's business operations were divided into four primary market segments prior to its acquisition by in 2017: Consumer Paints, which accounted for 34% of pre-acquisition revenue; Packaging Coatings at 28%; Industrial Coatings at 24%; and Special Products at 14%. In fiscal year 2016, these segments collectively generated total revenue of $4.191 billion. The Consumer Paints segment focused on retail and architectural coatings for markets, while Packaging Coatings provided protective solutions for metal containers and closures. Industrial Coatings served applications such as coil and , and Special Products encompassed specialty resins and performance materials. Valspar maintained a significant global footprint with 56 manufacturing locations strategically located across , , , and . These facilities supported operations in countries including the , , , the , , , , , and , enabling localized production and distribution. The company's international strategy emphasized regional adaptation, with a strong emphasis on efficiency to meet diverse regulatory and market demands. In key markets, Valspar held a leading position in North American architectural paints, capturing substantial share through its consumer-oriented product offerings. In , it demonstrated strength in packaging coatings, bolstered by the legacy of its 1997 acquisition of Coates' European operations, which enhanced its expertise in metal decorating and container coatings. Following the 2017 acquisition by , Valspar's integration expanded the parent company's global reach to over 120 countries, enhancing capabilities for worldwide distribution. This merger contributed to Sherwin-Williams' annual coatings sales exceeding $15 billion, with pro forma 2016 revenues reaching $15.8 billion for the combined entity. The post-acquisition structure allowed for greater synergies in industrial and segments, supporting expanded in emerging regions.

Corporate affairs

Leadership and key executives

During its independent operations, The Valspar Corporation was led by a series of key executives who drove strategic growth and international expansion. Richard M. Rompala served as president from March 1994 to December 2001, from October 1995 to 2005, and chairman from February 1998 to July 2005. Under Rompala's leadership in the , Valspar pursued aggressive international expansion, forming joint ventures in , , , , and , while acquiring TOTAL S.A.'s Coates Coatings unit in stages from 1996 to 1997 to establish operations in , , and ; this effort increased overseas sales from 3% to nearly 20% of total revenue by decade's end. Gary E. Hendrickson joined Valspar in 1994 and advanced through senior roles, becoming president and chief operating officer in February 2008, chief executive officer in June 2011, and chairman in June 2012; he retired in 2017 following the company's acquisition. Hendrickson oversaw significant revenue growth, with annual sales reaching $4.2 billion by 2016, and guided the strategic sale to The Sherwin-Williams Company for $11.3 billion, completed in June 2017. James L. Muehlbauer served as executive vice president, , and from March 2013 until his retirement in 2017. In this role, he managed financial strategies amid ongoing mergers and the eventual acquisition by , including integration planning and cost synergies projected at $280 million annually. Following the 2017 acquisition, Valspar's operations were fully integrated into , with its business units initially reorganized into the company's three segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. Effective January 1, 2023, updated its to separately manage and report the architectural business. Valspar's former leadership transitioned out, and its operations reported to executives, including then-CEO John G. Morikis, who led the combined entity as chairman, president, and at the time of integration.

Headquarters and facilities

Valspar traces its origins to , , where it was founded in 1806 as a paint dealership known as and Color. The company's headquarters relocated to , , in 1970 following its merger with Minnesota Paints, Inc., establishing its principal executive offices at 1101 South Third Street. This move centralized operations in the Midwest, supporting the firm's growing focus on paints and coatings production. Prior to its 2017 acquisition by , Valspar operated approximately 47 manufacturing facilities worldwide, including 20 in the United States across states such as , , , , and , with the site serving as a key hub for . In , the company maintained 15 plants in countries including , , , and the , bolstered by its 1996–1997 acquisition of the Coates Coatings unit from TOTAL S.A., which expanded its packaging coatings capabilities. Additional facilities included eight in the Asia-Pacific region (, , , and ) and four in Latin America ( and ), enabling global production of industrial and consumer coatings. Following the completion of its $11.3 billion acquisition by on June 1, 2017, Valspar's facilities were integrated into the parent company's broader network to enhance operational efficiencies and global reach. As part of regulatory approvals, certain assets—such as two North American industrial wood coatings plants in , and , —were divested to Coating Systems to preserve market competition. Select Valspar-branded plants continued to focus on specialized coatings production, while the headquarters evolved into a significant R&D and business unit center, often described as a "second headquarters" for . Pre-acquisition, Valspar employed about 11,000 people globally; these operations now form part of ' workforce exceeding 60,000.

References

  1. https://www.sec.gov/Archives/edgar/data/102741/000010274116000024/val-10282016x10k.htm
  2. https://www.company-histories.com/The-Valspar-Corporation-Company-History.html
  3. https://www.zippia.com/valspar-careers-41608/history/
  4. https://investors.sherwin-williams.com/press-releases/press-release-details/2017/SHERWIN-WILLIAMS-COMPLETES-ACQUISITION-OF-VALSPAR---CREATES-THE-GLOBAL-LEADER-IN-PAINT-AND-COATINGS/default.aspx
  5. https://investors.sherwin-williams.com/press-releases/press-release-details/2016/THE-SHERWIN-WILLIAMS-COMPANY-TO-ACQUIRE-VALSPAR-FOR-11300-PER-SHARE-IN-CASH-OR-113-BILLION/default.aspx
  6. https://www.valspar.com/en/about-valspar
  7. https://www.valspar.com/en/where-to-buy
  8. https://www.valspar.com/en/products/all-products
  9. https://historycambridge.org/innovation/Varnish.html
  10. https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/valspar-corp
  11. https://www.referenceforbusiness.com/history2/21/The-Valspar-Corporation.html
  12. https://www.fundinguniverse.com/company-histories/the-valspar-corporation-history/
  13. https://historycambridge.org/self-guided-tours/innovation-in-cambridge/
  14. https://industrial.sherwin-williams.com/na/us/en/packaging/why-us/history.html
  15. https://www.annualreports.com/HostedData/AnnualReportArchive/t/NYSE_VAL_1997.pdf
  16. https://www.nytimes.com/1998/08/26/business/company-news-valspar-to-buy-packaging-coatings-unit-of-dexter-corp.html
  17. https://www.ftc.gov/news-events/news/press-releases/2017/05/ftc-requires-sherwin-williams-divest-assets-condition-acquiring-valspar
  18. https://investors.sherwin-williams.com/press-releases/press-release-details/2017/SHERWIN-WILLIAMS-ANNOUNCES-THE-COMPLETION-OF-ITS-DIVESTITURE-OF-VALSPARS-NORTH-AMERICAN-INDUSTRIAL-WOOD-COATINGS-BUSINESS-TO-AXALTA-COATINGS-SYSTEMS/default.aspx
  19. https://www.fitchratings.com/research/corporate-finance/fitch-rates-new-sherwin-williams-notes-assumed-from-valspar-acquisition-01-06-2017
  20. https://www.valspar.com/en/products/interior-paints-primers/ultra-interior-paint-primer
  21. https://www.valspar.com/en/products/interior-paints-primers
  22. https://www.coatingsworld.com/breaking-news/valspar-introduces-reserve/
  23. https://www.lowes.com/pl/interior-paint/valspar/reserve/4294729373-4294965540-4294392236
  24. https://www.valspar.com/en/colors/browse-colors.html
  25. https://www.coatingsworld.com/top-company-profile/the-valspar-corporation/
  26. https://industrial.sherwin-williams.com/na/us/en/packaging/media-center/articles/the-revolutionary-non-bpa-epoxy-coating.html
  27. https://www.lowes.com/pd/Laura-Ashley-Colors-by-Valspar-8-oz-Paint-Sample-Sugarcane/3326796
  28. https://docs.rs-online.com/2a55/0900766b806ce762.pdf
  29. https://ir.axalta.com/news/press-releases/detail/274/axalta-coating-systems-completes-acquisition-of-valspars-north-american-industrial-wood-coatings-business
  30. https://corporate.sherwin-williams.com/our-company/brands.html
  31. https://www.valspar.com/content/dam/cbg-valspar/newsroom/Valspar-2025-Color-of-the-Year_Release.pdf
  32. https://www.sec.gov/Archives/edgar/data/102741/000089710104000140/valspar040114s1_d14a.htm
  33. https://www.pcimag.com/articles/92039-gary-e-hendrickson-named-valspar-ceo
  34. https://www.sec.gov/Archives/edgar/data/102741/000089710112000988/valspar122448_ex99-1.htm
  35. https://ir.unfi.com/news/press-release-details/2019/UNFI-Elects-James-Muehlbauer-to-Its-Board-of-Directors/default.aspx
  36. http://www.chemwinfo.com/private_folder/Uploadfiles2016_April/SW_acq_Val.pdf
  37. https://www.furnituretoday.com/furniture-manufacturing/sherwin-williams-creates-new-organization-structure/
  38. https://s2.q4cdn.com/918177852/files/doc_financials/2023/ar/sw-ar10k-for-ada_final_a11y.pdf
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