Exhibit 99.1





FOR IMMEDIATE RELEASE



VALSPAR REPORTS SECOND QUARTER RESULTS



MINNEAPOLIS, May 14, 2007 The Valspar Corporation (NYSE-VAL) today reported its results for the second-quarter ended April 27, 2007.



Second quarter sales totaled $808.5 million, a 5.4 percent increase from the second quarter of 2006. Net income for the second quarter was $41.5 million. Adjusted earnings per share were $0.40 for the quarter, which excludes a non-cash adjustment of $0.05 per share for Huarun minority interest shares. Reported earnings per share were $0.35. In 2006, second-quarter earnings were $47.9 million, or $0.46 per share, which included a $0.01 per share charge for manufacturing rationalization.



Sales for the first six months of fiscal 2007 were
$1,503.0 million, up 7.6 percent from the same period a year ago. Net income for the first half was $65.1 million. Adjusted
earnings per share for the first half were $0.63, excluding a $0.10 per share non-cash adjustment for the Huarun minority interest
shares. Reported earnings per share for the first half were $0.53. First-half 2006 net income was $70.5 million, or $0.69 per
share, which included a $0.02 per share charge for manufacturing rationalization. The company continues to expect fiscal year 2007
adjusted earnings per share to be at the low end of the $1.80-$1.90 range. This guidance excludes an estimated $0.18 per share non-cash adjustment for the
minority interest shares.



Results for the quarter were right in line with our expectations, said William L. Mansfield, Valspar president and chief executive officer. We are successfully managing through the current challenges in our architectural paints and wood coatings businesses and remain confident that we will deliver on our second-half expectations.



Our long-term growth agenda is advancing, Mansfield continued. Our global expansion, acquisition and productivity improvement initiatives are delivering solid results and our investment in building the Valspar brand is off to a strong start.



William L. Mansfield and Lori A. Walker, vice president, treasurer and controller, 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 1:30 p.m. Central Time May 14 through Midnight on May 28 by dialing 1-800-475-6701 from with in the U.S. or 320-365-3844 from outside of the U.S., using access code 872599.



Investor Contact:  Lori A. Walker, (612) 375-7350



Media Contact:  Mike Dougherty, (612) 375-7802

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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.





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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 the control of the Company that could cause actual results to differ materially from such statements. These uncertainties and other factors include, but are not limited to, dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; 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 the Companys relationships with customers and suppliers; 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; the nature, cost and outcome of pending and future litigation and other legal proceedings; the outbreak of war and other significant national and international events; and other risks and uncertainties. The foregoing list is not exhaustive, and the Company disclaims 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 April 27, 2007 and April 28, 2006



Second Quarter
        
        Year-To-Date(Dollars in thousands, except per share amounts)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)2007
        
        2006
        
        2007
        
        2006Net Sales
        
        $
        808,471
        
        $
        766,816
        
        $
        1,502,994
        
        $
        1,396,581Cost of Sales
        
        
        561,590
        
        
        534,708
        
        
        1,057,029
        
        
        983,997Operating Expenses
        
        
        168,662
        
        
        147,600
        
        
        316,527
        
        
        281,539Income From Operations
        
        
        78,219
        
        
        84,508
        
        
        129,438
        
        
        131,045Interest Expense
        
        
        16,238
        
        
        10,930
        
        
        30,929
        
        
        21,710Other (Income) Expense, Net
        
        
        (382
        )
        
        346
        
        
        2,044
        
        
        1,155Income Before Income Taxes
        
        
        62,363
        
        
        73,232
        
        
        96,465
        
        
        108,180Income Taxes
        
        
        20,847
        
        
        25,297
        
        
        31,351
        
        
        37,704Net Income
        
        $
        41,516
        
        $
        47,935
        
        $
        65,114
        
        $
        70,476Mandatorily Redeemable Stock Accrual (1)
        
        
        (5,067
        )
        
        
        
        
        (10,134
        )
        
        Net Income Available to Common Shareholders
        
        
        36,449
        
        
        47,935
        
        
        54,980
        
        
        70,476Average Number of Shares O/S - basic
        
        
        101,672,432
        
        
        101,344,587
        
        
        101,717,101
        
        
        100,924,295Average Number of Shares O/S - diluted
        
        
        103,371,264
        
        
        103,116,052
        
        
        103,453,373
        
        
        102,487,907Net Income per Common Share - basic
        
        $
        0.36
        
        $
        0.47
        
        $
        0.54
        
        $
        0.70Net Income per Common Share - diluted
        
        $
        0.35
        
        $
        0.46
        
        $
        0.53
        
        $
        0.69




(1)
        MANDATORILY REDEEMABLE STOCK ACCRUAL REDUCED BASIC AND DILUTED NET INCOME PER SHARE $0.05 IN THE SECOND QUARTER OF 2007 AND $0.10 YEAR TO DATE IN 2007.




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" - which exclude a non-cash accrual relating to Mandatorily Redeemable Stock in connection with the Company's acquisition of the share capital of Huarun Paints Holding Company Limited.  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 on the results in the 2007 period of the non-cash accrual relating to the Huarun acquisition.



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:



Second Quarter
        
        Year-To-Date2007
        
        2006
        
        2007
        
        2006Net Income per Common Share - diluted
        
        $
        0.35
        
        $
        0.46
        
        $
        0.53
        
        $
        0.69Mandatorily Redeemable Stock Accrual
        
        $
        0.05
        
        $
        
        
        $
        0.10
        
        $
        Adjusted Net Income per Common Share - diluted
        
        $
        0.40
        
        $
        0.46
        
        $
        0.63
        
        $
        0.69




CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
        
        April 27,2007
        
        October 27,2006
        
        April 28,2006Assets
        
        (Unaudited)
        
        
        
        (Unaudited)Current Assets:Cash and Cash Equivalents
        
        $
        61,424
        
        $
        88,238
        
        $
        58,359Accounts Receivable, Net
        
        
        549,434
        
        
        475,736
        
        
        516,032Inventories
        
        
        289,919
        
        
        281,817
        
        
        251,632Other
        
        
        129,127
        
        
        122,526
        
        
        110,366Total Current Assets
        
        
        1,029,904
        
        
        968,317
        
        
        936,389Goodwill, Net
        
        
        1,423,307
        
        
        1,336,098
        
        
        1,064,856Other Assets, Net
        
        
        430,250
        
        
        427,515
        
        
        376,421Property, Plant & Equipment, Net
        
        
        480,486
        
        
        459,605
        
        
        417,515Total Assets
        
        $
        3,363,947
        
        $
        3,191,535
        
        $
        2,795,181Liabilities and Stockholders EquityCurrent Liabilities:Notes Payable to Banks
        
        $
        485,569
        
        $
        489,163
        
        $
        12,754Trade Accounts Payable
        
        
        342,024
        
        
        368,159
        
        
        302,139Income Taxes
        
        
        36,077
        
        
        38,455
        
        
        50,429Accrued Liabilities
        
        
        239,633
        
        
        301,100
        
        
        253,836Total Current Liabilities
        
        
        1,103,303
        
        
        1,196,877
        
        
        619,158Long Term Debt
        
        
        620,862
        
        
        350,267
        
        
        698,148Deferred Liabilities
        
        
        361,545
        
        
        385,605
        
        
        338,478Mandatorily Redeemable Stock
        
        
        28,857
        
        
        18,723
        
        
        Stockholders Equity
        
        
        1,249,380
        
        
        1,240,063
        
        
        1,139,397Total Liabilities and Stockholders Equity
        
        $
        3,363,947
        
        $
        3,191,535
        
        $
        2,795,181




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The Valspar Corporation

Other Financial Data

Dollars in millions, except per share amounts



Quarter 2
        
        YTD2007
        
        2006
        
        2007
        
        2006I.  Comparison year over yearEarnings Per ShareDiluted EPS, reported
        
        $
        0.35
        
        $
        0.46
        
        $
        0.53
        
        $
        0.69Adjustments Per Share, net of tax:Manufacturing Rationalization, net
        
        $
        
        
        $
        0.01
        
        $
        
        
        $
        0.02Favorable tax adjustments
        
        $
        
        
        $
        
        
        $
        0.01
        
        $
        Mandatorily redeemable stock accrual
        
        $
        0.05
        
        $
        
        
        $
        0.10
        
        $
        Gross Margin, as a percentage of net salesGross Margin, reported
        
        
        30.5
        %
        
        30.3
        %
        
        29.7
        %
        
        29.5
        %Gross Margin, adjusted for net cost of manufacturing rationalization
        
        
        30.5
        %
        
        30.6
        %
        
        29.7
        %
        
        29.9
        %Operating Profit, as a percentage of net salesOperating Profit, reported
        
        
        9.7
        %
        
        11.0
        %
        
        8.6
        %
        
        9.4
        %Operating Profit, adjusted for net cost of manufacturing rationalization
        
        
        9.7
        %
        
        11.3
        %
        
        8.6
        %
        
        9.7
        %Quarter 2
        
        YTDII.  Segment Data
        
        2007
        
        2006
        
        2007
        
        2006SalesPaint
        
        $
        273.8
        
        $
        260.9
        
        $
        493.5
        
        $
        448.6Coatings
        
        $
        453.3
        
        $
        422.0
        
        $
        865.6
        
        $
        803.0All Other less intersegment sales
        
        $
        81.4
        
        $
        83.9
        
        $
        143.9
        
        $
        145.0Total
        
        $
        808.5
        
        $
        766.8
        
        $
        1,503.0
        
        $
        1,396.6Earnings Before Interest and Taxes (EBIT) *Paint
        
        $
        30.3
        
        $
        31.5
        
        $
        50.0
        
        $
        38.7Coatings
        
        $
        45.6
        
        $
        51.6
        
        $
        80.2
        
        $
        92.8All Other
        
        $
        2.7
        
        $
        1.1
        
        $
        (2.8
        )
        $
        (1.6
        )Total
        
        $
        78.6
        
        $
        84.2
        
        $
        127.4
        
        $
        129.9






* Certain amounts in prior years financial statements have been reclassified to conform with the 2007 presentation.



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