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Banta Elects CFO of Valspar as New Board Director

Press release from the issuing company

MENASHA, Wis., July 28 -- Banta Corporation today announced that Paul C. Reyelts, Senior Vice President and Chief Financial Officer of The Valspar Corporation, Minneapolis, has joined the Banta Corporation Board of Directors. His election at today's board meeting brings to 10 the number of individuals serving on the corporation's board of directors. Banta Chairman Donald D. Belcher said the board's Nominating and Corporate Governance Committee did an outstanding job of conducting the director search process. "We are delighted to have Paul Reyelts join our board," says Belcher. "During his 21-year career at Valspar, Paul has been a major contributor to the success of that corporation's global growth and development." Banta President and Chief Executive Officer Stephanie A. Streeter adds, "In addition to directing the financial and control activities of Valspar, Paul has played an important role in driving the corporation's aggressive acquisition program, which has included significant initiatives in Europe and Southeast Asia. As we continue to expand Banta's acquisition activities in both the U.S. and Asia, his insight and experience will prove invaluable." Prior to joining Valspar, Reyelts, 56, was an executive with the financial services firm Piper Jaffray & Hopwood, now US Bancorp Piper Jaffray. "Paul's expertise in finance and accounting, and on Wall Street, further strengthens the board's ability to provide financial oversight and guidance in the critically important area of corporate governance," said Belcher. Reyelts joined Valspar, a $2 billion global paint and coatings leader, in 1982 as Chief Financial Officer. He was promoted to Senior Vice President-Finance and Chief Financial Officer in 1998. From 1976 to 1982 he was Vice President-Corporate Finance with Piper Jaffray & Hopwood, Inc., Minneapolis. He earned a master's degree in business administration from Harvard Business School in 1975, and a bachelor's degree in architecture from Harvard University in 1968. Reyelts is also a director of Winmark Corporation.

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