Leading paint and coatings maker The Valspar Corporation (VAL - Analyst Report) has introduced, through its Paint division, a new paint color application which will enable its customers to pick the right color for their home. The application dubbed ConnectLIVE is essentially a personal consultation tool that offers guidance on choosing the paint color that is fine tuned to suit every individual’s preference, style and living space.
ConnectLIVE leverages video technology to create a virtual appointment between a Valspar color consultant and painters, who creates a customized color scheme for each person’s space and style. During the one-to-one meet, the consultant observes the individual’s interior living space and personal style and recommends a personalized Valspar color palette that includes coordinated picks for any paintable surfaces.
Valspar said that ConnectLIVE will be available free for download from Apple Inc’s (AAPL - Analyst Report) App Store for iPad 2 and iPad 3 users for a limited time. It will also be shortly available for iPhone 4S. The innovative tool allows the users to fix a 30-minute discussion session with a color consultant for roughly $75.
Valspar is the sixth largest paint and coatings manufacturer globally. The company’s paints business (roughly 41% of annual sales) comprises architectural paints, specialty decorative products, automotive refinish paints and aerosol spray paints. Valspar competes with the likes of Sherwin Williams Company (SHW - Analyst Report) and PPG Industries Inc. (PPG - Analyst Report).
Valspar has a strong pipeline of new products and significant opportunities for share gains across its Paint and Coatings segments globally. The company is expected to benefit from its restructuring actions while maintaining its operational and pricing discipline.
Valspar’s long-term performance is likely to be driven by volume increases in both the Paint and Coatings categories. New business wins and gradually improving domestic industrial markets are expected to support volume growth in the coatings franchise. The company’s paint business is expected to benefit from expanded traction of products aimed at the affordable housing market in China.