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Business Description
The Valspar Corporation is a global paint and coatings manufacturer. The Company is primarily engaged in the manufacture and distribution of coatings products. The industrial coatings product line includes decorative and protective coatings for wood, metal, plastic and glass. The architectural, automotive and specialty coatings product line includes interior and exterior decorative paints, primers, varnishes and specialty decorative products, such as enamels, aerosols and faux finishes for the do-it-yourself and professional markets, as well as automotive refinish and high performance floor coatings. The packaging coatings product line includes coatings and inks for rigid packaging containers. In addition, the Company manufactures specialty polymers, composites and colorants, which are used internally and sold to other coatings manufacturers. In January 2004, the Company acquired De Beer Lakfabrieken, a privately owned manufacturer and distributor of automotive refinishing coatings.

Financial Information
For the fiscal year ended 10/29/04, net sales rose 9% to $2.44 billion. Net income rose 27% to $142.8 million. Revenues reflect favorable product mix changes in the Architectural product line and higher painting sales for large home improvement customers. Net income also reflects higher operating margins and lower interest expense.