Valspar Announces Strategic Partnership with Retailer B&Q to Launch the Valspar Brand in the United Kingdom and Ireland
The Valspar Corporation (NYSE: VAL) today announced an agreement with B&Q, an operating company of Kingfisher plc, the world's third largest DIY retail conglomerate, to supply a full selection of premium Valspar paint to all 350 of its locations in the United Kingdom and Ireland. Valspar will be positioned as one of B&Q's flagship paint brands and the two companies are collaborating to create an entirely new consumer experience not seen before in the U.K. decorative paints marketplace. The partnership significantly expands Valspar's presence in the U.K. and Ireland and will bring consumers more choices for interior and exterior paints that can be custom tinted to virtually any color. Previously, B&Q's stores offered primarily ready-mix paints in a smaller assortment of colors and textures. The new retail concept will be rolled out to all 350 locations throughout 2013. Due to the timing of the up-front investment, this initiative is not expected to have a material impact on Valspar's earnings in fiscal 2013.
“Our partnership with B&Q is another important step in expanding our global consumer paint business and bringing innovative paint solutions to new retail partners and markets,” said Gary Hendrickson, chairman and chief executive officer of Valspar. “We're looking forward to helping B&Q grow the paint category and making its stores the destination of choice in the U.K and Ireland for consumers' painting projects.”
B&Q is the leading DIY and garden center retailer in the U.K. and Ireland and is nearly twice the size of its nearest competitor. Its stores offer around 40,000 inspirational home improvement and garden products for the homemaker, occasional to serious DIY'er, and trade professionals.
About The Valspar Corporation
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.