Valspar
| Company type | Public (until 2017 acquisition) |
|---|---|
| Industry | Paints and coatings |
| Founded | 1806 in Boston, Massachusetts, United States |
| Founder | Samuel Tuck (original paint retailer "Paint and Color") |
| Defunct | June 1, 2017 |
| Fate | Acquired by Sherwin-Williams |
| Successor | Sherwin-Williams |
| Headquarters | Minneapolis , United States |
Area served | Worldwide (26 countries) |
Key people | Gary Hendrickson (CEO), James Muehlbauer (CFO) |
| Products | Paints, varnishes, coatings |
Number of employees | 11,000+ |
| Parent | Sherwin-Williams (since 2017) |
Valspar Corporation is a U.S.-based manufacturer specializing in paints and coatings, with its main office located in Minneapolis, Minnesota. Employing more than 11,000 individuals across 26 nations, it held the position of the sixth largest paint and coatings producer worldwide. The company’s origins trace back to 1806 when it began as a paint retailer in Boston, Massachusetts. The Valspar brand name was derived in 1903 from a transparent varnish product and officially adopted as the corporate identity in 1932.
On March 20, 2016, Sherwin-Williams revealed plans to acquire Valspar for $9.3 billion, a transaction finalized on June 1, 2017, establishing a dominant global force within the coatings sector.
Leadership included CEO Gary Hendrickson and CFO James Muehlbauer. Valspar’s range of products encompassed paints and varnishes, supported by subsidiaries such as House of Kolor, Huarun Paints, Plasti-kote, and Cabot Stains. In 2016, the company posted revenues of US$4.19 billion, with operating profits reaching US$529 million and net earnings totaling US$353 million.
Origins in the 19th century
The company's roots go back to 1806 when Samuel Tuck launched a paint retail business named "Paint and Color" in Boston, Massachusetts. Over subsequent decades, ownership and company names evolved until Augustine Stimson took control. Meanwhile, in 1832, Lawson Valentine founded Valentine & Company to manufacture varnish products in Boston. These separate enterprises ultimately merged under the Stimson & Valentine banner.
By 1855 Otis Merriam had become the principal owner, with Henry Valentine joining five years later in 1860. Following the retirements of Stimson and Merriam by 1866, the firm reverted to the Valentine & Company name. Lawson Valentine employed Charles Homer—an early American varnish industry chemist and sibling of artist Winslow Homer—who contributed significantly to product development.
In 1870, Valentine & Company relocated operations to New York City and acquired Minnesota Linseed Oil Paint Company. The firm produced vehicle varnishes that competed effectively against English imports. By 1882, Henry Valentine was overseeing activities across Boston, Chicago, New York City, the West Coast of the U.S., Pennsylvania, and Paris.
Emergence of the Valspar brand
Valspar’s signature product was a pioneering clear varnish created by L. Valentine Pulsifer—grandson of Lawson Valentine—who joined the company in 1903 after graduating from Harvard with a chemistry degree. Following three years dedicated to research and development, production commenced in 1905. Marketed under the slogan "The varnish that won't turn white," it quickly gained widespread recognition. Prominent users included explorer Robert Peary, the U.S. armed forces during World War I, and aviator Charles Lindbergh.
The Valspar Corporation was officially established in 1932 with Valentine & Company operating as a subsidiary. The acquisition of Ralph Baudhuin's Rockcote in 1960 expanded manufacturing capabilities throughout the Midwest and prompted relocation of headquarters to Ardmore, Pennsylvania. Under Ralph and F.J. Baudhuin’s guidance during the 1960s, Valspar maintained an average of nearly two acquisitions annually.
In June 1970, Valspar consolidated with Minnesota Paints and shifted its headquarters to Minneapolis, Minnesota. Former president C. Angus Wurtele assumed the chairman role in 1973. This merger bolstered Valspar’s capital base for continued expansion; by decade’s end, annual revenues had increased by $74 million.
Period of Expansion through Acquisitions
Prior to the 1980s, Valspar concentrated mainly on its consumer product segment.
In 1984, Valspar purchased the coatings division of Mobil for $100 million, effectively doubling its revenue base. By 1986, the full integration of this acquisition substantially increased Valspar's market footprint.
From the late 1980s into the early 1990s, Valspar pursued an aggressive acquisition strategy, adding Enterprise Paint Companies in 1987, McCloskey Corporation in 1989, along with Hi-Tek Polymers and portions of Cook Paint and Varnish Company in 1991. Despite concerns from the Federal Trade Commission regarding market concentration, Valspar acquired Cargill’s resin products division in 1993, later dividing the assets between McWhorter Technologies and Engineered Polymer Solutions.
Richard Rompala, who joined from PPG Industries, was appointed president in 1994, then CEO in 1995, and chairman by 1998. His leadership guided Valspar’s international expansion into markets such as China, Hong Kong, Brazil, Mexico, and South Africa while maintaining an active acquisition approach. In 2000, Valspar acquired Lilly Industries for $1.04 billion but sold off its mirror coatings segment to adhere to U.S. antitrust regulations. The economic downturn in 2001 interrupted Valspar’s continuous earnings growth streak of 26 years due to restructuring expenses, escalating raw material prices, and increased debt costs.
In 2005, the acquisition of Samuel Cabot Incorporated—recognized for its Cabot brand stains and finishes—significantly enhanced Valspar’s product offerings.
On June 1, 2017, Sherwin-Williams finalized a $9.3 billion all-cash deal to acquire Valspar.
Distinguished Personnel
- Joseph Campbell, who served as the fourth Comptroller General of the United States