Valspar
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The Valspar Corporation is an American manufacturer of paint and
coating A coating is a covering that is applied to the surface of an object, or substrate. The purpose of applying the coating may be decorative, functional, or both. Coatings may be applied as liquids, gases or solids e.g. powder coatings. Paints ...
s based in
Minneapolis Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...
,
Minnesota Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...
. 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. Valspar was founded in 1806 as a paint dealership in
Boston, Massachusetts Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...
. The Valspar name emerged in 1903 as the name of a clear
varnish Varnish is a clear Transparency (optics), transparent hard protective coating or film. It is not to be confused with wood stain. It usually has a yellowish shade due to the manufacturing process and materials used, but it may also be pigmente ...
and became the company name in 1932. On March 20, 2016,
Sherwin-Williams Sherwin-Williams is an American paints and coatings company based in Cleveland, Ohio. It is primarily engaged in the manufacture, distribution, and sale of paints, coatings, floorcoverings, and related products with operations in over 120 coun ...
announced its intention to pay $9.3 billion to acquire Valspar. The acquisition finalized on June 1, 2017.


History


19th century beginnings

In 1806, Samuel Tuck established a paint dealership in
Boston, Massachusetts Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...
called "Paint and Color". 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 Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
under the name Stimson & Valentine. 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. In 1870, Valentine & Company relocated to
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
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 Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...
.


The Valspar name

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 Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...
. 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 In entertainment, a tagline (alternatively spelled tag line) is a short text which serves to clarify a thought for, or is designed with a form of, dramatic effect. Many tagline slogans are reiterated phrases associated with an individual, so ...
, "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 World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, and
Charles Lindbergh Charles Augustus Lindbergh (February 4, 1902 – August 26, 1974) was an American aviator, military officer, and author. On May 20–21, 1927, he made the first nonstop flight from New York (state), New York to Paris, a distance of . His aircra ...
during his 1927 solo intercontinental flight. 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 Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...
. 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.


Era of acquisitions

Before the 1980s, Valspar's primary focus was on its consumer business. In 1984, the company acquired
Mobil Mobil Oil Corporation, now known as just Mobil, is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil, formerly known as Exxon, which took its current name after history of ExxonMobil#merger, it and Mobil merge ...
'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. Richard Rompala, formerly of
PPG Industries PPG Industries, Inc. is an American Fortune 500, ''Fortune'' 500 company and global supplier of paints, coatings, and specialty materials. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. By ...
, became president of Valspar in 1994, chief executive officer in 1995, and chairman in 1998. He pushed the then-primarily North American company into China, Hong Kong, Brazil, Mexico, and South Africa and acquired a number of companies. 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. 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. 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.
Sherwin-Williams Sherwin-Williams is an American paints and coatings company based in Cleveland, Ohio. It is primarily engaged in the manufacture, distribution, and sale of paints, coatings, floorcoverings, and related products with operations in over 120 coun ...
acquired Valspar on June 1, 2017 in an all-cash deal valued at $9.3 billion.


Notable employees

* Joseph Campbell, fourth Comptroller General of the United States


References

{{Authority control Companies formerly listed on the New York Stock Exchange Paint and coatings companies of the United States Manufacturing companies established in 1806 1806 establishments in Massachusetts American companies established in 1806 Manufacturing companies based in Minneapolis 2017 mergers and acquisitions