Exhibit 23.1
Independent Public Accountants' Consent
To the Board of Directors of The Valspar Corporation
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statement Forms S-8 No. 2-79961, No. 2-79962, No.
33-51224 and No. 33-51226 pertaining to the Valspar Stock Ownership Trusts, Form
S-8 No. 33-39258 pertaining to The Valspar Corporation 1991 Stock Option Plan,
Form S-8 No. 33-51222 pertaining to the Valspar Profit Sharing Retirement Plan,
Form S-8 No. 33-53824 pertaining to the Valspar Corporation Key Employee Annual
Bonus Plan, Form S-8 No. 33-56062 pertaining to The Valspar Corporation
Restricted Stock Plan for Non-Employee Directors, Form S-8 No. 33-72238
pertaining to The Valspar Corporation 1982 Incentive Stock Option Plan and 1989
Nonqualified Stock Option Plan of the Valspar Corporation and Registration
Statement (No. 33-57449) on Form S-4 of the Valspar Corporation of our
report dated February 27, 1996 with respect to the balance sheet of Coates
Coatings S.A. as of December 31, 1995 and the related statements of income,
changes in shareholders' equity and cash flows for the year then ended and the
related statements of revenues and expenses, changes in equity and cash flows
for the year then ended which report appears in the Form 8-K Current Report of
The Valspar Corporation. It should be noted that we have not audited any
financial statements of Coates Coatings S.A. subsequent to December 31, 1995 or
performed any audit procedures subsequent to the date of our report.
Paris, France
June 28, 1996
/s/ Philippe Mongin
Philippe Mongin
PGA
Member of Arthur Andersen SC
INDEPENDENT PUBLIC ACCOUNTANTS' CONSENT
To the Board of Directors of The Valspar Corporation
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statements (No. 2-79961, 2-79962, 33-51224,
33-51226, 33-39258, 33-51222, 33-53824, 33-56062, 33-72238) on Form S-8 and
Registration Statement (No. 33-57449) on Form S-4 of the Valspar Corporation of
our report dated 6 March 1996 with respect to the statement of specified assets
and liabilities as of 31 December 1995, and the related statements of revenues
and expenses and cashflows which report appears in the Form 8-K Current Report
of The Valspar Corporation. It should be noted that we have not audited any
financial statements of the Can Coatings Division of Coates Brothers Plc
subsequent to 31 December 1995 or performed any audit procedures subsequent to
the date of our report.
28 June 1996
/s/ Arthur Andersen
Arthur Andersen
1 Surrey Street
London
WC2R 2PS
ARTHUR ANDERSEN
Independent Public Accountants' Consent
To the Board of Directors of The Valspar Corporation
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statements No. 2-79961, No. 2-79962, No. 33-51224,
No. 33-51226, No. 33-39258, No. 33-51222, No. 33-53824, No. 33-56062 and No.
33-72238 on Form S-8 and Registration Statement No. 33-57449 on Form S-4 of the
Valspar Corporation of our report dated February 27, 1996 with respect to the
balance sheet of Coates Coatings AS as of December 31, 1995, and the related
statements of income, changes in shareholders' equity and cash flows for the
year then ended which report appears in the Form 8-K Current Report of The
Valspar Corporation. It should be noted that we have not audited any financial
statements of Coates Coatings AS subsequent to December 31, 1995 or performed
any audit procedures subsequent to the date of our report.
Arthur Andersen & Co.
/s/ Oystein Fjeldberg
Oystein Fjeldberg
State Authorized Public
Accountant, (Norway)
Oslo, Norway
July 1, 1996
ARTHUR ANDERSEN
Independent Public Accountants' Consent
To the Board of Directors of The Valspar Corporation
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statement No. 2-79961, No. 2-79962, No. 33-51224,
No. 33-51226, No. 39258, No. 33-51222, No. 33-53824, No. 33-56062, No. 33-72238
on Form S-8 and Registration Statement (No. 33-57449) on Form S-4 of the Valspar
Corporation of our report dated February 27, 1996 with respect to the balance
sheet of Coates Coatings GmbH, Erkrath, as of December 31, 1995, and the related
statements of income, changes in shareholders' equity and cash flows for the
year then ended which report appears in the Form 8-K Current Report of The
Valspar Corporation. It should be noted that we have not audited any financial
statements of Coates Coatings GmbH, Erkrath, subsequent to December 31, 1995 or
performed any audit procedures subsequent to the date of our report.
However, interim financial statements of the company do indicate a significant
downturn in margin and accordingly year to date losses are substantially above
those recorded in the previous year. Given the current circumstances we would
most likely include a going concern qualification in our opinion unless
continuing financial support from the new shareholder would be guaranteed. The
need for a valuation allowance for the deferred tax asset recorded at December
31, 1995 would also have to be reviewed.
Dusseldorf, Germany
July 8, 1996
ARTHUR ANDERSEN
Wirtschaftsprufungsgesellschaft
Steuerberatungsgesellschaft mbH
/s/Michael Thierhoff /s/ Michael Molleken
Michael Thierhoff ppa. Michael Molleken
ARTHUR ANDERSEN
June 28, 1996
INDEPENDENT PUBLIC ACCOUNTANTS' CONSENT
To the Board of Directors of The Valspar Corporation:
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statement (No. 2-79961, No. 2-79962, No. 33-51224,
No. 33-51226, No. 33-39258, No. 33-51222, No. 33-53824, No. 33-56062, No.
33-72238) on Form S-8 and Registration Statement (No. 33-57449) on Form S-4 of
the Valspar Corporation of our report dated February 27, 1996 with respect to
the specified assets and liabilities of the Can Coatings Division of Coates
Lorilleux, S.A. as of December 31, 1995, and the related statements of revenues
and expenses, changes in equity and cash flows for the year then ended which
report appears in the Form 8-K Current Report of The Valspar Corporation. It
should be noted that we have not audited any financial statements of the Can
Coatings Division of Coates Lorilleux, S.A. subsequent to December 31, 1995 or
performed any audit procedures subsequent to the date of our report.
Barcelona, Spain
Yours sincerely,
ARTHUR ANDERSEN
/s/ Julio Haeffner
Julio Haeffner
ARTHUR ANDERSEN
Independent Public Accountants' Consent
To the Board of Directors of The Valspar Corporation
As independent public accountants, we hereby consent to the incorporation by
reference in the Registration Statements N2-79961, N-279962, N33-51224,
N33-51226, N33-39258, N33-51222, N33-53824, N33-56062 and N33-72238 on Form S-8
and Registration Statement (No. 33-57449) on Form S-4 of the Valspar Corporation
of our report dated February 27, 1996 with respect to statement of specified
assets and liabilities of Can Coatings Division of Coates Brothers Australia Pty
Limited as of December 31, 1995, and the related statement of revenues and
expenses, and cashflows for the year then ended which report appears in the Form
8-K Current Report of The Valspar Corporation. It should be noted that we have
not audited any financial statements of the Can Coatings Division of Coates
Brothers Australia Pty Limited subsequent to December 31, 1995 or performed any
audit procedures subsequent to the date of our report.
Sydney, Australia
June 28, 1996
/s/ Arthur Andersen
ARTHUR ANDERSEN
Chartered Accountants