OCT-18-2006

Valspar Renews Stock Repurchase Authorization

MINNEAPOLIS, MINNESOTA - The Board of Directors of The Valspar Corporation (NYSE-VAL), at its meeting on October 18, 2006, authorized the Company to repurchase, over a period of 12 months, up to 4,000,000 shares, or 3.9% of its outstanding common stock. The authorization gives management discretion in determining conditions under which shares may be purchased from time to time, either in market transactions or negotiated private purchases. This repurchase authorization is a renewal of similar previous annual authorizations and replaces the authorization approved in October 2005, under which approximately 585,500 shares were repurchased. As of October 17, 2006, there were 101,656,122 shares of common stock outstanding, and the closing price quoted on the New York Stock Exchange was $26.87.

Contact: Lori A. Walker, Vice President, Treasurer and Controller
The Valspar Corporation
612/375-7350