Valspar (VAL) Renews Share Repurchase Authorization of 4M Shares
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The Valspar Corporation (NYSE: VAL) announced that its Board approved the annual authorization for the repurchase of up to 4,000,000 shares, or approximately 4.0%, of its outstanding common stock over the next 12 months. The annual authorization gives management discretion in determining conditions under which shares may be purchased from time to time, either in market transactions or negotiated private purchases. The repurchase authorization is a renewal of previous annual authorizations and replaces the authorization approved in October 2007, under which 1,850,000 shares were repurchased. As of October 14, 2008, the company had 99,948,618 common shares outstanding.
The Valspar Corporation is a global leader in the paint and coatings industry.
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