-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 BYEt8RvcGof2XtnOm9j59GCCePQQ4rtO+75VtsaCKICHsv6zwdOOChqW5fLvdRcR
 LzlfZME+cuhkayujci61qw==

<SEC-DOCUMENT>0000897101-03-001260.txt : 20031015
<SEC-HEADER>0000897101-03-001260.hdr.sgml : 20031013
<ACCEPTANCE-DATETIME>20031015211902
ACCESSION NUMBER:		0000897101-03-001260
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031015
FILED AS OF DATE:		20031015

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SULLIVAN MICHAEL P
		CENTRAL INDEX KEY:			0001246132

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03011
		FILM NUMBER:		03942723

	MAIL ADDRESS:	
		STREET 1:		1101 THARD ST SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALSPAR CORP
		CENTRAL INDEX KEY:			0000102741
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				362443580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		1101 THIRD ST SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415
		BUSINESS PHONE:		6123327371

	MAIL ADDRESS:	
		STREET 1:		1101 THIRD STREET SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>valspar034423sullivan_4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-15</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000102741</issuerCik>
        <issuerName>VALSPAR CORP</issuerName>
        <issuerTradingSymbol>VAL</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001246132</rptOwnerCik>
            <rptOwnerName>SULLIVAN MICHAEL P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1101 THIRD STREET SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55415</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>9411</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1336</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By Household Member</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Stock Option (Right to Buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>47.88</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-10-15</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>3950</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-10-15</value>
      </exerciseDate>
      <expirationDate>
         <value>2013-10-15</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>3950</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3950</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>

      <footnote id="F2"> Stock Option Grant</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/Linda Colman, by Power of Attorney</signatureName>
      <signatureDate>2003-10-15</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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