14 May 2013 18:26 [Source: ICIS news]
HOUSTON (ICIS)--The North American paint season had a late start but is gaining strength thanks to an improving housing market, the CEO of US-based Valspar said on Tuesday.
The painting and coatings firm reported a 30% increase in paint volumes year over year on the continent in the company’s second quarter.
A significant portion of that growth came in the second half of the quarter, said CEO Gary Hendrickson during a conference call over Valspar’s Q2 earnings.
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Part of the growth in paint volumes was due to Valspar’s January deal with Ace Hardware to purchase two paint plants from the company and supply the retailer’s paint products.
Under the deal, Valspar began making and distributing Ace-branded paint products, and Ace will begin carrying Valspar-branded paint products in the third quarter.
Additional reporting by Al Greenwood
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