Valspar sales flat in second quarter
Minneapolis paint giant Valspar reported second quarter net sales of $1.03 billion, essentially flat with the prior-year quarter.
The company, which recently signed a deal to become the key supplier of paint for Ace Hardware, reported net income of $76.9 million, up from $76.5 million in last year’s second quarter.
Volume was up 7%, including the Ace deal, up 3% excluding Ace.
"Strong volume growth in the quarter was driven by new business wins," said Gary E. Hendrickson, chairman and CEO. "We saw improving momentum in the U.S., driven by solid performance in our consumer paints, packaging, wood and coil product lines."
The company also announced it was spening about $30 million to support facility consolidations, production line transfers and efficiency improvements. These actions, the company said, will generate annual savings of "approximately $0.10 per diluted share by fiscal 2015."
Sherwin-Williams paints NASCAR
NASCAR and Sherwin-Williams announced a multi-year partnership designating the nation’s largest specialty retailer of paint and painting supplies as the "Official Paint of NASCAR."
In the release announcing the deal, Sherwin-Williams said many of its customers "are fiercely brand-loyal fans of the sport."
"The Sherwin-Williams Company is thrilled to be the ‘Official Paint of NASCAR.’ We have invested in the sport at the team level since 2000, sponsoring about 85% of the teams in the NASCAR Sprint Cup Series," said Chris Connor, chairman and CEO, The Sherwin-Williams Company. "With more than 3,500 stores nationwide, this comprehensive Official Partnership will enable us to connect with our wide customer base across the country and to truly partner with NASCAR at every track."
In addition to signing on as an Official NASCAR Partner, Sherwin-Williams also becomes a Contingency Sponsor in the NASCAR Sprint Cup Series, NASCAR Touring & Weekly Series and GRAND-AM Road Racing. The NASCAR and GRAND-AM contingency programs foster strong relationships between competitors and the high-quality, performance-driven brands that are part of the program, by providing prize money for each race and at the end of each racing season. Competitors become eligible for the money by displaying partner decals on their race vehicles. As part of the contingency program, Sherwin-Williams will be title sponsor of the Fastest Lap Award in the NASCAR Sprint Cup Series.
For Krazy Glue, the fix is in
Krazy Glue, an adhesive brand of Elmer’s Products, is spreading the word of its versatility through a multi-media campaign called "the Krazy Big Fix."
The campaign, promoted here at the Elmer’s booth during the National Hardware Show, will include a variety of traditional and social media platforms to collect stories of how Krazy Glue fixed something.
The campaign allows consumers to interact with the brand, and promises monthly and grand prizes to sustain engagement.
"Everybody knows Krazy Glue; we want them to buy Krazy Glue," said Emily Von Stein, product manager for Elmer’s Products.
Also at the show, Krazy Glue unveiled a new formula geared toward the hardware consumer. A key property is faster-setting adhesion, according to Von Stein.