Exhibit 99.1



FOR IMMEDIATE RELEASE



VALSPAR TO ACQUIRE POWDER COATINGS BUSINESS

FROM H.B. FULLER COMPANY



MINNEAPOLIS, October 19, 2006  The Valspar
Corporation (NYSE  VAL), a leading global coatings company, announced today that it has agreed to acquire the powder
coatings business of H.B. Fuller Company (NYSE  FUL). H.B. Fullers powder coatings business, which had net sales of
approximately $75 million in 2005, serves customers in 26 countries from manufacturing facilities in the United States and the
United Kingdom. The cash purchase transaction is subject to regulatory approval and is expected to close in December. Terms of the
transaction were not disclosed.



William L. Mansfield, Valspars President and
Chief Executive Officer, said, Fuller has a reputation for excellent quality and technology. Their powder coatings business
fits extremely well with our North American powder coatings business and provides us with an immediate entry into Europe. This
acquisition and our recently completed powder coatings plant in China will enable us to better serve the needs of our global
industrial coatings customers. We expect the acquisition will be modestly accretive to earnings in 2007.



Valspar is a $3.0 billion global leader in the
paint and coatings industry, with a broad range of products including industrial, architectural, packaging, automotive refinish,
floor coatings and specialty polymers and colorants.



Valspar shares are traded on the New York Stock
Exchange under the symbol VAL. Valspar news releases and other information are on Valspars website
(www.valspar.com).



For further information, contact Lori A. Walker,
Vice President, Treasurer and Controller of Valspar at 612-375-7350.



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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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