Exhibit 99.1

VALSPAR REPORTS THIRD-QUARTER RESULTS

MINNEAPOLIS, Minn., August 16 – The Valspar Corporation (NYSE-VAL) today reported its results for the third-quarter ended July 30, 2010. 

Third-quarter sales totaled $873.9 million, a 10.0 percent increase from the same period last year.  Third-quarter adjusted net income per share increased to $0.70 in 2010 from $0.67 in 2009.  Third-quarter adjusted net income per share for 2010 excludes a net $0.04 per share benefit from the sale of certain assets and charges related to restructuring actions.  Third-quarter adjusted net income per share for 2009 excludes a $0.03 per share charge related to restructuring actions and a non-cash adjustment of $0.03 per share for Huarun minority interest shares.

Net income for the third quarter of 2010 was $75.1 million and reported earnings per share were $0.74.  Net income for the third quarter of 2009 was $65.0 million and reported earnings per share were $0.61.

“We were pleased with our earnings performance despite the impact of significant raw material inflation,” said William L. Mansfield, Valspar chairman and chief executive officer.  “The success of our new business efforts drove our double-digit top line growth.  Looking ahead, our results will continue to benefit from new business and operational discipline.  We expect to deliver fiscal year 2010 adjusted net income per share in the range of $2.15 to $2.25.”

During the quarter, the company also completed a transaction to purchase metal packaging coatings assets from DIC Corporation, a Japan-based specialty chemical manufacturer, and sell metal decorating inks assets to DIC.  The transaction included sales and DIC’s manufacturing site in Bangalore, India.  Terms of the transaction were not disclosed.

William L. Mansfield, Gary E. Hendrickson, president and chief operating officer, and Lori A. Walker, senior vice president and chief financial officer, will conduct a conference call for investors at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) today. The call can be heard live over the Internet at Valspar’s website at www.valsparglobal.com under Investor Relations.  Those unable to participate during the live broadcast can access an archive of the call on the Valspar website.  A taped delay of the call will also be available from 12:00 p.m. Central Time August 16 through Midnight on August 30 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 167002.

Investor Contact:  Tyler Treat, (612) 851-7358

Media Contact:  Mike Dougherty, (612) 851-7802

The Valspar Corporation (NYSE:VAL) is a global leader in the paint and coatings industry. 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.

This press release contains certain “forward-looking” statements.  These forward-looking statements are based on management’s expectations and beliefs concerning future events.  Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from such statements.  These uncertainties and other factors include, but are not limited to, changes in general economic conditions both domestic and international, including recessions and other external economic and political factors, which may adversely affect our business, the value of our investments, the financial stability of our customers and suppliers and our ability to obtain financing; dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; competitive factors including pricing pressure and product competition; risks related to any future acquisitions, including risks of adverse changes in the results of acquired businesses and the assumption of unforeseen liabilities; risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; risks of disruptions in business resulting from our relationships with customers and suppliers; risks and uncertainties associated with operations and achievement of growth in developing markets, including China and Central and South America; unusual weather conditions adversely affecting sales; changes in raw materials pricing and availability; delays in passing along cost increases to customers; changes in governmental regulation, including more stringent environmental, health and safety regulations; changes in accounting policies and standards and taxation requirements such as new tax laws or revised tax law interpretations; the nature, cost and outcome of pending and future litigation and other legal proceedings; civil unrest and the outbreak of war and other significant national and international events; and other risks and uncertainties.  The foregoing list is not exhaustive, and we disclaim any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.

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THE VALSPAR CORPORATION

COMPARATIVE CONSOLIDATED EARNINGS

For the Quarters Ended July 30, 2010 and July 31, 2009

		Third Quarter						Year-To-Date
(Dollars in thousands, except per share amounts)		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
		2010			2009			2010			2009
Net Sales	$	873,915		$	794,580		$	2,349,848		$	2,102,461
Cost of Sales		583,111			504,334			1,568,700			1,401,735
Gross Profit		290,804			290,246			781,148			700,726
Research and Development		24,758			22,829			73,126			68,441
Selling, General and Administrative		145,921			156,988			423,705			430,519
Income From Operations		120,125			110,429			284,317			201,766
Interest Expense		14,322			13,433			43,433			35,940
Other (Income) Expense, Net		(898	)		2,495			(2,357	)		3,135
Income Before Income Taxes		106,701			94,501			243,241			162,691
Income Taxes		31,558			29,550			72,488			52,442
Net Income	$	75,143		$	64,951		$	170,753		$	110,249
Huarun Redeemable Stock Accrual (1)		—			(3,318	)		—			(9,954	)
Net Income Available to Common Stockholders		75,143			61,633			170,753			100,295
Average Number of Shares O/S - basic		98,535,826			100,274,346			98,775,411			100,017,910
Average Number of Shares O/S - diluted		101,009,523			101,342,785			101,067,349			100,632,888
Net Income per Common Share - basic	$	0.76		$	0.61		$	1.73		$	1.00
Net Income per Common Share - diluted	$	0.74		$	0.61		$	1.69		$	1.00

(1)  Huarun redeemable stock accrual reduced basic and diluted net income per common share $0.03 and $0.10 in the 3rd quarter and year-to-date periods of 2009, respectively.

NON-GAAP FINANCIAL MEASURES

In the accompanying press release, management has reported non-GAAP financial measures - “Adjusted Net Income per Common Share - diluted” and “Full Year Guidance for Adjusted Net Income per Common Share - diluted” - which exclude a non-cash accrual relating to Huarun Redeemable Stock in connection with the Company’s acquisition of the remaining minority interest shares of Huarun Paints Holding Company Limited, a net gain on sale of certain assets (net of taxes, restructuring and deal expenses) to DIC Corporation of Japan and restructuring charges. Management discloses these measures because it believes these measures may assist investors in comparing the Company’s results of operations in the respective periods without regard to the effect of the non-cash accrual relating to the Huarun acquisition in the 2009 period, the effect of the restructuring charges in the 2010 and 2009 periods and the gain on sale of assets to DIC Corporation of Japan in the 2010 period.

NON-GAAP RECONCILIATION

The following is a reconciliation of “Net Income Per Common Share - diluted” to “Adjusted Net Income Per Common Share - diluted” for the periods presented:

	Third Quarter					Year-To-Date
	2010			2009		2010			2009
Net Income per Common Share - diluted	$	0.74		$	0.61	$	1.69		$	1.00
Huarun Redeemable Stock Accrual		—			0.03		—			0.10
Net Gain on Sale of Certain Assets to DIC Corporation of Japan		(0.08	)		—		(0.08	)		—
Restructuring Charges		0.04			0.03		0.06			0.14
Adjusted Net Income per Common Share - diluted	$	0.70		$	0.67	$	1.67		$	1.24

The following is a reconciliation of “Forecasted Net Income per Common Share - diluted” to our “Full Year Guidance” for the period presented.

	Full Year 2010
Forecasted Net Income per Common Share - diluted	$2.17 - $2.27
Net Gain on Sale of Certain Assets	$(0.08)
Restructuring Charges	$0.06
Full Year Guidance for Adjusted Net Income per Common Share - diluted	$2.15 - $2.25

(Dollars in thousands)		July 30, 2010		October 30, 2009		July 31, 2009
Assets		(Unaudited)				(Unaudited)
Current Assets:
Cash and Cash Equivalents	$	232,124	$	187,719	$	127,305
Restricted Cash		12,570		—		—
Accounts and Notes Receivable, Net		563,446		518,188		548,985
Inventories		270,719		238,449		234,091
Deferred Income Taxes		36,264		34,479		33,149
Prepaid Expenses and Other		82,610		83,631		88,647
Total Current Assets		1,197,733		1,062,466		1,032,177
Goodwill		1,327,339		1,337,997		1,334,586
Intangibles, Net		622,205		629,923		630,202
Other Assets		18,047		4,192		5,003
Long Term Deferred Income Taxes		4,520		5,358		3,100
Property, Plant & Equipment, Net		442,054		471,088		459,866
Total Assets	$	3,611,898	$	3,511,024	$	3,464,934
Liabilities and Stockholders’ Equity
Current Liabilities:
Notes Payable and Commercial Paper	$	7,464	$	7,278	$	7,213
Trade Accounts Payable		398,241		349,999		305,755
Income Taxes		43,130		4,762		21,337
Other Accrued Liabilities		337,513		349,440		310,723
Total Current Liabilities		786,348		711,479		645,028
Long Term Debt, Net of Current Portion		870,726		873,095		872,169
Deferred Income Taxes		243,457		235,975		233,092
Other Long Term Liabilities		162,495		185,968		154,294
Total Liabilities		2,063,026		2,006,517		1,904,583
Huarun Redeemable Stock		—		—		43,531
Stockholders’ Equity		1,548,872		1,504,507		1,516,820
Total Liabilities and Stockholders’ Equity	$	3,611,898	$	3,511,024	$	3,464,934

The Valspar Corporation

Other Financial Data

Dollars in thousands

	Quarter 3				YTD
	2010	2009			2010			2009
I.  Comparison year over year
Gross Margin, as a percentage of net sales *
Gross Margin, reported	33.3%		36.5%			33.2%			33.3%
Gross Margin, adjusted for cost of restructuring	34.0%		37.1%			33.7%			34.2%
Operating Expense as a percentage of net sales *
Operating Expense, reported	19.5%		22.6%			21.1%			23.7%
Operating Expense, adjusted for cost of restructuring and net gain on sale of certain assets	20.9%		22.6%			21.7%			23.5%
Operating Profit, as a percentage of net sales *
Operating Profit, reported	13.7%		13.9%			12.1%			9.6%
Operating Profit, adjusted for cost of restructuring and net gain on sale of certain assets	13.1%		14.5%			12.0%			10.6%
	Quarter 3				YTD
II.  Segment Data	2010	2009			2010			2009
Sales
Coatings	484,247		415,243			1,317,659			1,147,757
Paint	323,206		318,570			860,615			788,431
All Other less intersegment sales	66,462		60,767			171,574			166,273
Total	873,915		794,580			2,349,848			2,102,461
Earnings Before Interest and Taxes (EBIT) *
Coatings	80,496		61,556			185,868			116,313
Paint	38,577		48,801			118,570			100,136
All Other	1,950		(2,423	)		(17,764	)		(17,818	)
Total	121,023		107,934			286,674			198,631
Earnings Before Interest and Taxes (EBIT) *, adjusted for cost of restructuring and net gain on sale of certain assets
Coatings	74,574		63,101			182,579			130,604
Paint	38,577		50,713			119,978			102,629
All Other	1,950		(1,217	)		(17,539	)		(12,922	)
Total	115,101		112,597			285,018			220,311

* Certain amounts in prior years’ financial statements have been reclassified to conform with the 2009 presentation.