Exhibit 99.1





VALSPAR REPORTS THIRD QUARTER RESULTS



Company Reaffirms FY 2008 Guidance, Announces Actions to Lower Cost Structure



MINNEAPOLIS, Minn., August 11, 2008 The Valspar Corporation (NYSE-VAL) today reported its results for the third-quarter ended July 25, 2008.



Third-quarter sales totaled $957.7 million, a 7.2 percent increase from the third quarter of 2007. Net income for the third quarter was $47.0 million. Third-quarter adjusted net income per share was $0.50, which excludes a $0.03 per share charge related to restructuring actions and a $0.03 per share non-cash adjustment for Huarun minority interest. In 2007, third-quarter net income was $58.2 million, or adjusted net income per share of $0.57, excluding a non-cash adjustment of $0.05 per share for Huarun minority interest. Third-quarter reported earnings per share were $0.44 in 2008 and $0.52 in 2007.



The company has initiated a comprehensive series of actions to lower its cost structure and further increase the efficiency of its operations. These restructuring actions resulted in a $0.03 per share charge to third-quarter earnings, and are expected to result in additional charges to earnings of $0.10 to $0.12 per share in the fourth quarter of fiscal 2008. The impact on earnings in fiscal 2009 is expected to be neutral, with savings offsetting in-year costs. Beginning in fiscal 2010, these actions are expected to generate ongoing savings of $0.12 to $0.14 per share.



Results for the quarter were in line with our expectations, said William L. Mansfield, Valspar chairman and chief executive officer. Strong results from our international businesses, new business and pricing helped to partially offset the impact of substantially higher raw material costs and the weak U.S. economy.



Looking ahead, the company anticipates ongoing pressure on raw material costs and continued weakness in the U.S. economy. We remain focused on improving our competitive position, said Mansfield. We are moving forward with restructuring actions to further improve the efficiency of our business, implementing additional price increases and continuing to invest in our brands. We expect fiscal 2008 adjusted net income per share to be in the range of $1.55 to $1.65.



Mansfield 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 atwww.valsparglobal.comunder 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 11 through Midnight on August 25 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 956044.



---

Investor Contact:  Tyler N. Treat, (612) 375-7358



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





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, visitwww.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 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.

#  #  #



---

THE VALSPAR CORPORATION

COMPARATIVE CONSOLIDATED EARNINGS

For the Quarters Ended July 25, 2008 and July 27, 2007



Third Quarter
        
        Year-To-Date(Dollars in thousands, except per share amounts)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)2008
        
        2007
        
        2008
        
        2007Net Sales
        
        $
        957,683
        
        $
        893,498
        
        $
        2,559,186
        
        $
        2,396,492Cost of Sales
        
        
        682,981
        
        
        614,976
        
        
        1,829,758
        
        
        1,672,005Operating Expenses
        
        
        188,360
        
        
        174,077
        
        
        511,001
        
        
        490,604Income From Operations
        
        
        86,342
        
        
        104,445
        
        
        218,427
        
        
        233,883Interest Expense
        
        
        13,862
        
        
        16,033
        
        
        43,459
        
        
        46,962Other (Income) Expense, Net
        
        
        1,928
        
        
        1,301
        
        
        5,871
        
        
        3,345Income Before Income Taxes
        
        
        70,552
        
        
        87,111
        
        
        169,097
        
        
        183,576Income Taxes
        
        
        23,563
        
        
        28,894
        
        
        57,246
        
        
        60,245Net Income
        
        $
        46,989
        
        $
        58,217
        
        $
        111,851
        
        $
        123,331Huarun Redeemable Stock Accrual (1)
        
        
        (3,049
        )
        
        (5,067
        )
        
        (8,877
        )
        
        (15,201
        )Net Income Available to Common Shareholders
        
        $
        43,940
        
        $
        53,150
        
        $
        102,974
        
        $
        108,130Average Number of Shares O/S - basic
        
        
        99,280,953
        
        
        100,008,949
        
        
        99,663,955
        
        
        101,147,717Average Number of Shares O/S - diluted
        
        
        99,835,078
        
        
        101,836,291
        
        
        100,314,575
        
        
        102,938,740Net Income per Common Share - basic
        
        $
        0.44
        
        $
        0.53
        
        $
        1.03
        
        $
        1.07Net Income per Common Share - diluted
        
        $
        0.44
        
        $
        0.52
        
        $
        1.03
        
        $
        1.05




(1)  HUARUN REDEEMABLE STOCK ACCRUAL REDUCED BASIC AND DILUTED NET INCOME PER SHARE $0.03 IN THE THIRD QUARTER OF 2008, $0.09 YEAR TO DATE IN 2008 AND $0.05 IN THE THIRD QUARTER OF 2007 AND $0.15 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  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 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 on the results in the 2008 and 2007 periods of the non-cash accrual relating to the Huarun acquisition and the effect of the restructuring charges in 2008.



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-Date2008
        
        2007
        
        2008
        
        2007Net Income per Common Share - diluted
        
        $
        0.44
        
        $
        0.52
        
        $
        1.03
        
        $
        1.05Huarun Redeemable Stock Accrual
        
        $
        0.03
        
        $
        0.05
        
        $
        0.09
        
        $
        0.15Restructuring Charges
        
        $
        0.03
        
        $
        
        
        $
        0.03
        
        $
        Adjusted Net Income per Common Share - diluted
        
        $
        0.50
        
        $
        0.57
        
        $
        1.15
        
        $
        1.20




The following is a reconciliation of Forecasted Net Income per Common Share  Diluted to our Full Year Guidance for the period presented.



Full Year2008Forecasted Net Income per Common Share - diluted
        
        
        $1.30  $1.38Huarun Redeemable Stock Accrual
        
        
        $0.12Restructuring Charges
        
        
        $0.13  $0.15Full Year Guidance for Adjusted Net Income per Common Share - diluted
        
        
        $1.55  $1.65






---

(Dollars in thousands)
        
        July 25,2008
        
        October 26,2007
        
        July 27,2007Assets
        
        (Unaudited)
        
        
        
        (Unaudited)Current Assets:Cash and Cash Equivalents
        
        $
        101,114
        
        $
        84,948
        
        $
        83,954Accounts Receivable, Net
        
        
        651,925
        
        
        537,890
        
        
        568,877Inventories
        
        
        307,641
        
        
        291,688
        
        
        307,483Other
        
        
        121,091
        
        
        115,116
        
        
        131,878Total Current Assets
        
        
        1,181,771
        
        
        1,029,642
        
        
        1,092,192Goodwill
        
        
        1,379,393
        
        
        1,298,951
        
        
        1,298,077Other Assets, Net
        
        
        625,785
        
        
        609,292
        
        
        612,171Property, Plant & Equipment, Net
        
        
        511,340
        
        
        514,396
        
        
        493,202Total Assets
        
        $
        3,698,289
        
        $
        3,452,281
        
        $
        3,495,642Liabilities and Stockholders EquityCurrent Liabilities:Notes Payable and Commercial Paper
        
        $
        301,124
        
        $
        367,521
        
        $
        447,435Trade Accounts Payable
        
        
        436,897
        
        
        371,437
        
        
        398,930Income Taxes
        
        
        8,089
        
        
        19,316
        
        
        35,399Accrued Liabilities
        
        
        264,228
        
        
        270,873
        
        
        253,235Total Current Liabilities
        
        
        1,010,338
        
        
        1,029,147
        
        
        1,134,999Long Term Debt
        
        
        783,744
        
        
        648,988
        
        
        603,351Deferred Liabilities
        
        
        384,328
        
        
        356,007
        
        
        400,647Huarun Redeemable Stock
        
        
        46,219
        
        
        37,342
        
        
        33,924Stockholders Equity
        
        
        1,473,660
        
        
        1,380,797
        
        
        1,322,721Total Liabilities and Stockholders Equity
        
        $
        3,698,289
        
        $
        3,452,281
        
        $
        3,495,642






---

The Valspar Corporation

Other Financial Data

Dollars in millions, except per share amounts



Quarter 3
        
        YTD2008
        
        2007
        
        2008
        
        2007I.Comparison year over yearEarnings Per ShareDiluted EPS, reported
        
        $
        0.44
        
        $
        0.52
        
        $
        1.03
        
        $
        1.05Adjustments Per Share, net of tax:Restructuring charges, net
        
        $
        0.03
        
        $
        
        
        $
        0.03
        
        $
        Favorable (Unfavorable) tax adjustments
        
        $
        
        
        $
        
        
        $
        
        
        $
        0.01Huarun redeemable stock accrual
        
        $
        0.03
        
        $
        0.05
        
        $
        0.09
        
        $
        0.15Gross Margin, as a percentage of net sales *Gross Margin, reported
        
        
        28.7
        %
        
        31.2
        %
        
        28.5
        %
        
        30.2
        %Gross Margin, adjusted for net cost of restructuring
        
        
        29.0
        %
        
        31.2
        %
        
        28.6
        %
        
        30.2
        %Operating Expense as a percentage of net sales *Operating Expense, reported
        
        
        19.7
        %
        
        19.5
        %
        
        20.0
        %
        
        20.5
        %Operating Expense, adjusted for net cost of restructuring
        
        
        19.6
        %
        
        19.5
        %
        
        20.0
        %
        
        20.5
        %Operating Profit as a percentage of net sales *Operating Profit, reported
        
        
        9.0
        %
        
        11.7
        %
        
        8.5
        %
        
        9.8
        %Operating Profit, adjusted for net cost of restructuring
        
        
        9.4
        %
        
        11.7
        %
        
        8.6
        %
        
        9.8
        %Quarter 3
        
        YTD2008
        
        2007
        
        2008
        
        2007II.Segment DataSalesCoatings
        
        $
        543.3
        
        $
        484.3
        
        $
        1,508.6
        
        $
        1,349.9Paint
        
        $
        335.7
        
        $
        325.7
        
        $
        826.3
        
        $
        819.2All Other less intersegment sales
        
        $
        78.7
        
        $
        83.5
        
        $
        224.3
        
        $
        227.4Total
        
        $
        957.7
        
        $
        893.5
        
        $
        2,559.2
        
        $
        2,396.5Earnings Before Interest and Taxes (EBIT) *Coatings
        
        $
        52.1
        
        $
        58.5
        
        $
        140.8
        
        $
        138.6Paint
        
        $
        29.4
        
        $
        36.1
        
        $
        71.3
        
        $
        86.1All Other
        
        $
        2.9
        
        $
        8.5
        
        $
        0.5
        
        $
        5.8Total
        
        $
        84.4
        
        $
        103.1
        
        $
        212.6
        
        $
        230.5




* Certain amounts in prior years financial statements have been reclassified to conform with the 2008 presentation.



---