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6. VALSPAR
The Valspar Corporation
1101 Third Street South
Minneapolis, MN 55415, USA
Tel: +1 612 332 7371
Fax: +1 612 375 7723
www.valspar.com
Key Figures:
Paint as % of Group Sales 91%
Coatings Sales：3.11 billion
Coatings Sales：703m liters
Employees 7,504
Europe 14%
Americas 78%
Asia Pacific 8%
Key Developments:
* Revenue growth in all major business lines and in every geographic region
* Acquisition of De Beer Lakfabrieken, refinish coatings and part of Associated Chemists, forest products
* Strategic alliance with Quikrete, concrete coatings
* Construction of new facility in China
* New architectural paint manufacturing and distribution centre in eastern Pennsylvania
* New products in mid-priced furniture coatings in China
Executive Team:
Thomas R. McBurney, Chairman
William L. Mansfield, President and CEO
Steven L. Erdahl, Executive Vice President. Responsible for Automotive, Packaging, Coil & General Industrial
Business Unit Sales:
Industrial (wood, metal, plastic) 36%, AAS (Architectural, Automotive, Specialty) 33%, Packaging 22%，Other 9%.
Market Positioning:
Valspar's mission is to be the best coatings company in the world by being:
* In the top five in global sales
* Number 1 or 2 and a technology leader in each of its target markets
* The leader in sales growth, earnings growth and return on investment
* The lowest cost supplier through integrating technology and productivity improvements.
Business Development:
Valspar plans to build its business based on certain principles:
* Market leadership
* Consistent financial performance
* Strong and stable cash flow
* Balanced growth/diversity of products, customers and geography
* Acquisition/integration track record
* Customer focus
* Low-cost position
* Employee ownership
Commentary:
Valspar's long-term objective is 15% growth per year in earnings per share and 12% in sales (6% organic). Also to be the lowest-cost supplier with the leading customized technology.
It sees its industrial product line facing one of its the biggest challenges as traditional United States customers relocate to lower cost manufacturing regions around the world. It is addressing the 'offshoring' by quickening the pace of its industrial globalization to maintain and enhance its position in wood, coil and other industrial coatings. Near term Valspar plans to mitigate the impact of raw material costs increases by pricing actions, aggressive cost-cutting and supply chain improvement.
Longer term it sees China and Southeast Asia as growth targets for many years to come.
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