Valspar Plans $30M Expansion, Will Create 135 Jobs Over 2 Yrs.
The Valspar Corporation announced Monday that it plans to spend $30 million to renovate and expand its former headquarters building in downtown Minneapolis.
The Minneapolis-based paint and coatings manufacturer will add 87,000 square feet of laboratory, meeting, and office space to the building, which is now one of the company’s research and development (R&D) facilities. The company said that the added space will enable it to create 135 new jobs at the facility over the next two years, including “high-paying” positions in material sciences.
The expansion will also enable the company to expand its partnerships with research institutions and universities, including the University of Minnesota, that provide cooperative internships and equipment sharing, Valspar said.
The company expects to complete the project in early 2014.
“We will devote more resources toward developing differentiated coatings technologies to address the changing needs of our customers,” Gary Hendrickson, chairman and CEO of Valspar, said in a statement. “Our scientists and researchers will have access to a best-in-class facility to more quickly and efficiently bring these solutions to market.”
The R&D facility being renovated was originally built in 1904 and has been owned by Valspar ever since. Located near the intersection of Washington and Chicago avenues, the building is now part of the company’s main R&D campus, which consists of five buildings. The facility served as Valspar’s headquarters for a few decades before the company moved to its current headquarters in the Ameriprise Client Service Center—also in downtown Minneapolis.
Following the announcement about the expansion, shares of Valspar’s stock were down about 0.87 percent, trading at $57.21 mid-day Tuesday.
Valspar is among Minnesota’s 20-largest public companies based on revenue, which totaled $3.9 billion for the fiscal year that ended in October 2011.