Valspar Corp. is set to become the flagship paint for British retailer B&Q,according to an announcement from the Minneapolis-based manufacturer. Valspar will supply a full selection of its premium paint to all 350 B&Q locations in the United Kingdom and Ireland.
Previously, B&Q's stores offered primarily ready-mix Valspar paints in a smaller assortment of colors and textures. The new retail concept will be rolled out to all locations throughout 2013.
Valspar Corp. has announced the retirement of Lori Walker, the company’s senior VP and CFO.Walker joined Valspar in 2000 as assistant controller, was promoted to VP and controller in 2001, VP treasurer in 2004, and has been Valspar's CFO since 2008.
Paint manufacturer Valspar Corp. has appointed John Ballbach, its former president and chief operating officer, to the company’s board of directors. The 52-year-old executive will serve on the board’s nominating and governance and audit committees.
Cabot Stains, a division of Valspar Corp., has voluntarily recalled its Wood Cleaner and Wood Brightener sold in spray pump containers. The spray pump used for both products can lose its seal, causing the fluid to leak. Chemicals in these products can cause burning or other serious injuries if they come into contact with skin or eyes or are ingested.
Three incidents of leaks have been reported. No injuries have been reported.
Minneapolis-based Valspar Corp., makers of paint, reported third-quarter sales of $1.08 billion, up 1% from the same quarter last year.
“We were pleased with our performance in the quarter,” said Gary Hendrickson, chairman and CEO. “Excluding negative currency impact, our revenue increased 3% and our strong earnings growth is the outcome of excellent execution in a challenging global environment.”
Valspar Corp. has announced that its board of directors elected Gary Hendrickson, Valspar’s president and CEO, as chairman of the board, effective immediately. Hendrickson succeeds William Mansfield, who is retiring after serving as chairman since August 2007, as CEO from 2005 to 2011, and as president from 2005 to 2008.
The appointment completes a transition plan put in place a year ago, according to the Minneapolis-based paint and coatings manufacturer.
Paint manufacturer Valspar Corp. reported sales of $1.03 billion for its second fiscal quarter, a 4% rise over sales in the second quarter of 2011. Net income for the second quarter, which ended April 27, was $76.5 million compared with $56.3 million a year ago.
Paint supplier Valspar Corp. reported net sales of $1.05 billion for its fourth fiscal quarter, a 19.4% increase from the fourth quarter of 2010. The Minneapolis-based company posted a net loss of $295.7 million for the quarter, which ended Oct. 28, 2011. This compares to a profit of $51.3 million for the same quarter in 2010.
Fiscal year 2011 sales totaled $3.95 billion, a 22.5% increase from fiscal year 2010. Net loss for fiscal year 2011 was $138.6 million. Net income for 2010 was $222.1 million.