FEB-12-2007

Valspar Reports First Quarter Results

Reaffirms Full Year Guidance

MINNEAPOLIS, February 12, 2007 - The Valspar Corporation (NYSE-VAL), a leading global coatings company, today reported net income for the first quarter ended January 26, 2007 of $23,598,000 or $0.23 per diluted share compared to net income of $22,541,000 or $0.22 per diluted share for the comparable period last year. Last year's results included expenses of $0.01 per diluted share related to the Company's manufacturing rationalization plan. Sales for the quarter increased 10.3% to $694,523,000 compared to $629,765,000 last year.

Commenting on the first quarter results and outlook for the year, William L. Mansfield, President and Chief Executive Officer, said "We are seeing soft demand in architectural paints and portions of our industrial coatings product lines related to the slowdown in U.S. residential construction spending. Our acquired businesses - Huarun Paints, H.B. Fuller powder coatings and our coil coatings joint venture in Brazil - are all performing well and the Valspar brand initiative is building momentum leading up to the nationwide launch this Spring. While we anticipate another quarter of difficult comparison with last year's strong first half performance, we continue to expect Valspar's fiscal 2007 earnings per share to be in the range of $1.80 to $1.90."

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

Note: Valspar will host a conference call on Monday, February 12th at 10:00 AM CST. The call can be heard live over the Internet at Valspar's website at http://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 replay of the call can also be accessed by dialing 1-800-475-6701 in the U.S. or 320-365-3844 outside the U.S. beginning at 3:15 PM, using access code 861896.