Exhibit 99.1





VALSPAR REPORTS SECOND QUARTER RESULTS



Company Updates FY 2008 Guidance



MINNEAPOLIS, Minn., May 12, 2008 The Valspar Corporation (NYSE-VAL) today reported its results for the second-quarter ended April 25, 2008.



Second-quarter sales totaled $836.4 million, a 3.5 percent increase from the second quarter of 2007. Net income for the second quarter was $40.8 million. Second-quarter adjusted net income per share was $0.41 in 2008 and $0.40 in 2007, excluding non-cash adjustments of $0.03 and $0.05 per share, respectively, for Huarun minority interest shares. In 2007, second-quarter net income was $41.5 million. Second quarter reported earnings per share were $0.38 in 2008 and $0.35 in 2007.



Results for the quarter were in line with our expectations and reflect the impact of operational discipline and tight control of expenses said William L. Mansfield, Valspar chairman and chief executive officer. Our packaging, general industrial and coil coatings product lines performed well. New business and pricing helped to partially offset the impact of rising raw material costs and a weak U.S. economy.



Looking ahead, the company now expects fiscal year 2008 adjusted net income per share to be in the range of $1.55 to $1.65. Raw material costs have increased beyond our prior expectations, and we anticipate demand in the U.S. to remain soft for the rest of the year, said Mansfield. We are responding with additional pricing actions, and remain focused on aggressively reducing costs, gaining new business and investing in our long-term growth opportunities.



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 May 12 through Midnight on May 27 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 921998.



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.



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THE VALSPAR CORPORATION

COMPARATIVE CONSOLIDATED EARNINGS

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



Second Quarter
        
        Year-To-Date(Dollars in thousands, except per share amounts)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)
        
        (Unaudited)2008
        
        2007
        
        2008
        
        2007Net Sales
        
        $
        836,379
        
        $
        808,471
        
        $
        1,601,503
        
        $
        1,502,994Cost of Sales
        
        
        592,118
        
        
        561,590
        
        
        1,146,777
        
        
        1,057,029Operating Expenses
        
        
        167,157
        
        
        168,662
        
        
        322,641
        
        
        316,527Income From Operations
        
        
        77,104
        
        
        78,219
        
        
        132,085
        
        
        129,438Interest Expense
        
        
        13,914
        
        
        16,238
        
        
        29,597
        
        
        30,929Other (Income) Expense, Net
        
        
        1,309
        
        
        (382
        )
        
        3,943
        
        
        2,044Income Before Income Taxes
        
        
        61,881
        
        
        62,363
        
        
        98,545
        
        
        96,465Income Taxes
        
        
        21,034
        
        
        20,847
        
        
        33,683
        
        
        31,351Net Income
        
        $
        40,847
        
        $
        41,516
        
        $
        64,862
        
        $
        65,114Mandatorily Redeemable Stock Accrual (1)
        
        
        (2,915
        )
        
        (5,067
        )
        
        (5,829
        )
        
        (10,134
        )Net Income Available to Common Shareholders
        
        
        37,932
        
        
        36,449
        
        
        59,033
        
        
        54,980Average Number of Shares O/S - basic
        
        
        99,617,232
        
        
        101,672,432
        
        
        99,855,456
        
        
        101,717,101Average Number of Shares O/S - diluted
        
        
        100,180,834
        
        
        103,371,264
        
        
        100,556,774
        
        
        103,453,373Net Income per Common Share - basic
        
        $
        0.38
        
        $
        0.36
        
        $
        0.59
        
        $
        0.54Net Income per Common Share - diluted
        
        $
        0.38
        
        $
        0.35
        
        $
        0.59
        
        $
        0.53




(1)  MANDATORILY REDEEMABLE STOCK ACCRUAL REDUCED BASIC AND DILUTED NET INCOME   PER SHARE $0.03 IN THE SECOND QUARTER OF 2008, $0.06 YEAR TO DATE IN 2008 AND $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 - diluted - which exclude a non-cash accrual relating to Mandatorily Redeemable Stock in connection with the Companys acquisition of the remaining minority interest shares 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 2008 and 2007 periods 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-Date2008
        
        2007
        
        2008
        
        2007Net Income per Common Share - diluted
        
        $
        0.38
        
        $
        0.35
        
        $
        0.59
        
        $
        0.53Mandatorily Redeemable Stock Accrual
        
        $
        0.03
        
        $
        0.05
        
        $
        0.06
        
        $
        0.10Adjusted Net Income per Common Share - diluted
        
        $
        0.41
        
        $
        0.40
        
        $
        0.65
        
        $
        0.63




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
        
        $1.43 - $1.53Mandatorily Redeemable Stock Accrual
        
        $0.12Full Year Guidance for Adjusted Net Income per Common Share - diluted
        
        $1.55 - $1.65






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(Dollars in thousands)
        
        April 25,2008
        
        October 26,2007
        
        April 27,2007Assets
        
        (Unaudited)
        
        
        
        
        (Unaudited)Current Assets:Cash and Cash Equivalents
        
        $
        77,917
        
        $
        84,948
        
        $
        61,424Accounts Receivable, Net
        
        
        578,612
        
        
        537,890
        
        
        549,434Inventories
        
        
        320,254
        
        
        291,688
        
        
        289,919Other
        
        
        121,341
        
        
        115,116
        
        
        129,127Total Current Assets
        
        
        1,098,124
        
        
        1,029,642
        
        
        1,029,904Goodwill, Net
        
        
        1,374,422
        
        
        1,298,951
        
        
        1,423,307Other Assets, Net
        
        
        622,272
        
        
        609,292
        
        
        430,250Property, Plant & Equipment, Net
        
        
        516,717
        
        
        514,396
        
        
        480,486Total Assets
        
        $
        3,611,535
        
        $
        3,452,281
        
        $
        3,363,947Liabilities and Stockholders EquityCurrent Liabilities:Notes Payable and Commercial Paper
        
        $
        304,854
        
        $
        367,521
        
        $
        485,569Trade Accounts Payable
        
        
        385,546
        
        
        371,437
        
        
        342,024Income Taxes
        
        
        2,951
        
        
        19,316
        
        
        36,077Accrued Liabilities
        
        
        243,814
        
        
        270,873
        
        
        239,633Total Current Liabilities
        
        
        937,165
        
        
        1,029,147
        
        
        1,103,303Long Term Debt
        
        
        807,900
        
        
        648,988
        
        
        620,862Deferred Liabilities
        
        
        398,522
        
        
        356,007
        
        
        361,545Mandatorily Redeemable Stock
        
        
        43,170
        
        
        37,342
        
        
        28,857Stockholders Equity
        
        
        1,424,778
        
        
        1,380,797
        
        
        1,249,380Total Liabilities and Stockholders Equity
        
        $
        3,611,535
        
        $
        3,452,281
        
        $
        3,363,947






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The Valspar Corporation

Other Financial Data

Dollars in millions, except per share amounts





Quarter 2
        
        YTD2008
        
        2007
        
        2008
        
        2007I.Comparison year over yearEarnings Per ShareDiluted EPS, reported
        
        $
        0.38
        
        $
        0.35
        
        $
        0.59
        
        $
        0.53Adjustments Per Share, net of tax:Favorable (Unfavorable) tax adjustments
        
        $
        
        
        $
        
        
        $
        
        
        $
        0.01Mandatorily redeemable stock accrual
        
        $
        0.03
        
        $
        0.05
        
        $
        0.06
        
        $
        0.10Quarter 2
        
        YTDII.Segment Data
        
        2008
        
        2007
        
        2008
        
        2007SalesCoatings
        
        $
        493.9
        
        $
        453.3
        
        $
        965.3
        
        $
        865.6Paint
        
        $
        261.8
        
        $
        273.8
        
        $
        490.6
        
        $
        493.5All Other less intersegment sales
        
        $
        80.7
        
        $
        81.4
        
        $
        145.6
        
        $
        143.9Total
        
        $
        836.4
        
        $
        808.5
        
        $
        1,601.5
        
        $
        1,503.0Earnings Before Interest and Taxes (EBIT) *Coatings
        
        $
        49.5
        
        $
        45.6
        
        $
        88.8
        
        $
        80.2Paint
        
        $
        23.5
        
        $
        30.3
        
        $
        41.8
        
        $
        50.0All Other
        
        $
        2.8
        
        $
        2.7
        
        $
        (2.5
        )
        $
        (2.8
        )Total
        
        $
        75.8
        
        $
        78.6
        
        $
        128.1
        
        $
        127.4






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





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