Valspar Prices Six Million Shares of Common Stock

Apr 18, 2001, 01:00 ET from Valspar Corporation

    MINNEAPOLIS, April 18 /PRNewswire/ -- The Valspar Corporation (NYSE:   VAL)
 today announced that its public offering of 6,000,000 shares of common stock
 was priced Tuesday at $28.00 per share, for gross proceeds of $168,000,000.
 Valspar granted the underwriters a 30-day option to purchase up to an
 additional 900,000 shares of common stock to cover over-allotments, if any.
     Net proceeds of the offering will be used to reduce bank debt.
     The lead and book-running manager of the offering was Lehman Brothers.
 Banc of America Securities LLC and Goldman, Sachs & Co. were co-managers.  A
 copy of the final prospectus may be obtained from Lehman Brothers, Three World
 Financial Center, New York, NY 10285.
     This news release is not an offer to sell or the solicitation of an offer
 to buy any of the securities under the offering.  There shall not be any sale
 of these securities in any state in which such offer, sale or solicitation
 would be unlawful prior to registration or qualification under the securities
 laws of any such state.
     Valspar is a global leader in the coatings industry, with a broad range of
 products including industrial, architectural, packaging, automotive refinish,
 floor coatings and specialty polymers and colorants.  Valspar information is
 available at http://www.valspar.com
 
     This press release contains certain "forward-looking" statements.  These
 forward-looking statements are based on management's expectations and beliefs
 concerning future events.  Forward-looking statements are necessarily subject
 to risks, uncertainties and other factors, many of which are outside the
 control of the Company that could cause actual results to differ materially
 from such statements.  These uncertainties and other factors include risks
 related to the Company's recent acquisition of Lilly Industries, Inc., which
 is the Company's largest acquisition to date, including risks of adverse
 changes in the results of Lilly's operations due to economic conditions or
 unforeseen factors; risks of higher than anticipated costs of integration of
 Lilly's employees or systems; risks of disruptions in business resulting from
 the integration process; and significantly higher levels of debt for the
 Company resulting in higher interest costs.  The Company also faces general
 risks and uncertainties, such as the Company's reliance on our relationships
 with government agencies, utilities and other third parties to avoid
 disruption of our business; dependence of internal earnings growth on economic
 conditions and growth in the domestic and international coatings industry;
 (which may have a greater relative impact on Lilly's sales); changes in the
 Company's relationships with customers and suppliers; unusual weather
 conditions; and other risks and uncertainties, described from time to time in
 the Company's reports filed with the Securities and Exchange Commission.  The
 foregoing list is not exhaustive and the Company disclaims any obligation to
 subsequently revise any forward-looking statements to reflect events or
 circumstances after the date of such statements.
 
 

SOURCE Valspar Corporation
    MINNEAPOLIS, April 18 /PRNewswire/ -- The Valspar Corporation (NYSE:   VAL)
 today announced that its public offering of 6,000,000 shares of common stock
 was priced Tuesday at $28.00 per share, for gross proceeds of $168,000,000.
 Valspar granted the underwriters a 30-day option to purchase up to an
 additional 900,000 shares of common stock to cover over-allotments, if any.
     Net proceeds of the offering will be used to reduce bank debt.
     The lead and book-running manager of the offering was Lehman Brothers.
 Banc of America Securities LLC and Goldman, Sachs & Co. were co-managers.  A
 copy of the final prospectus may be obtained from Lehman Brothers, Three World
 Financial Center, New York, NY 10285.
     This news release is not an offer to sell or the solicitation of an offer
 to buy any of the securities under the offering.  There shall not be any sale
 of these securities in any state in which such offer, sale or solicitation
 would be unlawful prior to registration or qualification under the securities
 laws of any such state.
     Valspar is a global leader in the coatings industry, with a broad range of
 products including industrial, architectural, packaging, automotive refinish,
 floor coatings and specialty polymers and colorants.  Valspar information is
 available at http://www.valspar.com
 
     This press release contains certain "forward-looking" statements.  These
 forward-looking statements are based on management's expectations and beliefs
 concerning future events.  Forward-looking statements are necessarily subject
 to risks, uncertainties and other factors, many of which are outside the
 control of the Company that could cause actual results to differ materially
 from such statements.  These uncertainties and other factors include risks
 related to the Company's recent acquisition of Lilly Industries, Inc., which
 is the Company's largest acquisition to date, including risks of adverse
 changes in the results of Lilly's operations due to economic conditions or
 unforeseen factors; risks of higher than anticipated costs of integration of
 Lilly's employees or systems; risks of disruptions in business resulting from
 the integration process; and significantly higher levels of debt for the
 Company resulting in higher interest costs.  The Company also faces general
 risks and uncertainties, such as the Company's reliance on our relationships
 with government agencies, utilities and other third parties to avoid
 disruption of our business; dependence of internal earnings growth on economic
 conditions and growth in the domestic and international coatings industry;
 (which may have a greater relative impact on Lilly's sales); changes in the
 Company's relationships with customers and suppliers; unusual weather
 conditions; and other risks and uncertainties, described from time to time in
 the Company's reports filed with the Securities and Exchange Commission.  The
 foregoing list is not exhaustive and the Company disclaims any obligation to
 subsequently revise any forward-looking statements to reflect events or
 circumstances after the date of such statements.
 
 SOURCE  Valspar Corporation