MINNEAPOLIS--(BUSINESS WIRE)--The Valspar Corporation (NYSE:VAL) announced today that its Board of Directors has approved a new share repurchase program, authorizing the Company to purchase up to $1.5 billion of the corporation's outstanding shares of common stock. The Valspar Board also approved a 15 percent dividend increase, declaring a quarterly dividend of $0.30 per share on the company’s common stock.
“This share repurchase program and dividend increase demonstrate the Board’s vote of confidence in Valspar’s future performance,” said Gary Hendrickson, Valspar’s chairman and chief executive officer. “These actions are consistent with our strategy of providing value to our shareholders while maintaining flexibility to continue to invest in future growth opportunities.”
The share repurchase authorization is effective immediately, replaces the previous repurchase authorization of December 2012, and has no expiration date. The authorization gives management discretion in determining the conditions under which shares may be purchased. Depending on economic and equity market conditions and other factors, the repurchases may commence or cease from time to time without prior notice. Under the prior repurchase authorization of December 2012, Valspar repurchased 10.2 million shares at a cost of $706 million.
The dividend is payable on December 19, 2014 to shareholders of record on December 8, 2014. The payment represents a 15 percent increase and marks the 37th consecutive year Valspar has increased its dividends. Valspar is a member of the S&P High Yield Dividend Aristocrats®, which is comprised of companies increasing dividends every year for at least 20 consecutive years.
The Valspar Corporation (NYSE:VAL) is a global leader in the paint and coatings industry with over 10,000 employees in more than 25 countries. Since 1806, Valspar has been dedicated to bringing customers the latest innovations, the finest quality and the best customer service in the coatings industry. For more information, visit www.valsparglobal.com.