Valspar Deploys Formation's Optiva Product Development Software; Leading Paint Manufacturer Goes Live with Optiva to Achieve Low Cost Formulation.WESTBOROUGH, Mass.--(BUSINESS WIRE)--Feb. 1, 1999--Formation Systems Inc. today announced that The Valspar Corporation, a leading manufacturer of paints and coatings with revenues exceeding $1 billion has deployed Formation's Optiva Enterprise Product Development software across multiple locations. With over 40 current users, and 150 anticipated by May, the company is using Optiva to achieve low cost formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation and increase R&D productivity. Optiva is an enterprise-wide software solution that allows formula-based manufacturers to strategically manage the product development process globally. As a result, companies can bring new products to market more quickly while minimizing their product development costs. In a separate release, Formation today announced the Optiva Enterprise Product Development Software Suite. "We consider our investment in Formation's Optiva to be a strategic IT initiative on par with supply chain management and electronic commerce," observed Brian Fredrickson, Valspar's Director of Information Systems. "By capturing and leveraging formula-based information throughout our product development process across 12 business units, Valspar gains a key competitive advantage that results in more cost-effective formulations, and faster product development," he concluded. Valspar selected Formation Optiva to replace the company's combination of individually-deployed in-house and spreadsheet tools. Valspar required Optiva's advanced technology architecture, robust functionality, and extensive scalability to more efficiently manage the product development process and enhance its product development capabilities. With Optiva, the company will create a complete, online, up-to-date resource of formulas and items available to all product developers. "Implementing Optiva has positioned Valspar to formulate faster and more effectively while optimizing costs," said Larry Brandenburger, Vice President of Research and Development at Valspar. "Optiva's functionality -- including its search and compare capability, calculation tools, workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. processing facility, and its interface to our Oracle GEMMS (Global Enterprise Manufacturing Management System) See Oracle Process Manufacturing. See also GEMS. manufacturing system -- enhances the productivity of the entire product development team," he concluded. The company has currently implemented three Optiva modules: Optiva/WorkBench, Optiva/Workflow and Optiva/Oracle GEMMS interface. "Valspar is recognized as a technology leader within the paint and coatings industry," said Peter Shields, Formation's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Their success with Optiva demonstrates the importance for formula-based companies like Valspar to capture and leverage their product development know-how on an enterprise-basis. The combination of our industry expertise and unique product design has enabled us to develop an application of strategic importance to our clients. The Optiva solution will give Valspar a clear, competitive advantage in a very dynamic marketplace, " he remarked. About The Valspar Corporation The Valspar Corporation is a leading manufacturer of paints and coatings. Founded in 1806 as the manufacturer of America's first varnish varnish, homogeneous solution of gum or of natural or synthetic resins in oil (oil varnish) or in a volatile solvent (spirit varnish), which dries on exposure to air, forming a thin, hard, usually glossy film. , Valspar participates in all major coatings businesses on a world-wide basis. Headquartered in Minneapolis, Valspar operates manufacturing plants throughout the world and has enjoyed twenty-four consecutive years of earnings growth. Its stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (VAL 1. VAL - Value-oriented Algorithmic Language. J.B. Dennis, MIT 1979. Single assignment language, designed for MIT dataflow machine. Based on CLU, has iteration and error handling, lacking in recursion and I/O. "A Value- Oriented Algorithmic Language", W.B. ). About Formation Systems Inc. Founded in 1995, Formation develops and markets Optiva, an enterprise software solution that helps large, global formula-based manufacturers accelerate their product development process. Optiva is used by formula-based manufacturers in a variety of industries, including consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one , food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , and specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. . Formation's software was recognized by Industry Week as one of the top 25 Technologies of the Year in 1997. The company is privately held and headquartered in Westborough, MA. For more information on the Formation, visit the corporate web site at www.formationsystems.com. Optiva, Formation, and the Formation logo are trademarks of Formation Systems Inc., Westborough, Massachusetts For other uses of "Westborough", see Westborough (disambiguation).
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