Valspar To Buy Back Up To $1.5 Bln Of Shares; Ups Dividend 15% - Quick Facts

(RTTNews) - Paints and coatings maker Valspar Corp.'s (VAL) board has approved a new share repurchase program, authorizing the firm to purchase up to $1.5 billion of the corporation's outstanding shares of common stock. Also, it approved a 15 percent dividend increase, declaring a quarterly dividend of $0.30 per share on the company's common stock.

The buyback authorization is effective immediately, replaces the previous repurchase authorization of December 2012, and has no expiration date. Under the prior repurchase authorization of December 2012, Valspar repurchased 10.2 million shares at a cost of $706 million.

The dividend is payable on December 19, 2014 to shareholders of record on December 8, 2014. The payment represents a 15 percent increase and marks the 37th consecutive year Valspar has increased its dividends.