MINNEAPOLIS – The Board of Directors of paint and coatings manufacturer Valspar Corp. has declared a quarterly dividend of 23 cents per share, payable December 28, 2012, to all common stockholders of record on December 17, 2012. This dividend payment accelerates the corporation’s regular quarterly dividend, which is normally paid in January. The payment represents a 15 percent increase and marks the 35th consecutive year the company has increased the dividend.

The Board of Directors has also authorized the repurchase of 15 million shares of outstanding common stock. This authorization is effective immediately, replaces the previous repurchase authorization of October 2010 and has no expiration date. Under the new authorization, shares may be purchased at management’s discretion in market transactions or negotiated private purchases. Depending on market conditions and other factors, the additional repurchases may start or stop from time to time without prior notice.

Under the prior repurchase authorization, Valspar repurchased 12.4 million shares at a cost of $514 million through October 26, 2012. As of December 4, 2012, the company had approximately 90 million common shares outstanding.