WD-40 Company (WDFC)

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Bassman1

Adam Szymanski

Paul Briguglio

Business Overview

WD-40 Company (NASDAQ:WDFC) is a company that specializes in affordable multipurpose maintenance products and home-care and cleaning products. It was established in 1953 under the name Rocket Chemical Company, headquartered in San Diego, CA. At this time, it only had one product: WD-40. It got its name due to the fact it was a water displacement that was perfected on the 40th try.

Today WD-40 Company sells the same water displacement that it did nearly 60 years ago, with a few small alterations to its appearance and its packaging, but with the same formula. It was found in 1993 that four out of five households had at least one can of WD-40, and was used by 81% of professionals. They now also offer two other multipurpose maintenance products to go along with their staple product WD-40, and eight homecare and cleaning product brands.

For the fiscal year ended August 31, 2010, WD-40 Company generated revenue of $322 million, up 9.3% from $292 million the year prior; although, revenue was up only 1.6% in 2010 compared to their 2008 revenue numbers of $317 million. Net income earned the fiscal year ended August 31, 2010 was $36 million, up 27.8% from $26 million in fiscal 2009, and up 22.2% from $28 million in fiscal 2008^[1].

Analysts view WD-40 Company to be very stable, with an earnings per share (EPS) projected to grow $2.31 in the current fiscal year ended August 31, 2011. Last year’s EPS was $2.15 for the fiscal year ended August 31, 2010^[2]. Few analyst recommend selling WDFC, instead encouraging investors to hold. Analysts estimate a sales growth of 7% in the upcoming fiscal year 2011, and sales growth of 6.4% for fiscal year 2012^[3].

Contents 1 Business Overview 2 Segments 2.1 Multi-Purpose Maintenance Products 2.2 Homecare & Cleaning Products 3 Competition 4 Strengths, Weaknesses, Opportunities and Threats 4.1 Strengths 4.2 Weaknesses 4.3 Opportunities 4.4 Threats 5 Financial and Operating Metrics 5.1 WDFC Cash Conversion Cycle 6 Marketing and Supply Chain 6.1 Products 6.2 Place 6.3 Promotion 6.4 Price 6.5 Supply Chain 7 Human Resources 7.1 Company Values 7.2 The "Tribe" 7.3 Executive Leadership 8 References

WD-40 Company has put a strong emphasis on global volume growth of the WD-40 brand, along with expanding their gross margin, stabilizing their homecare and cleaning products, and producing record sales and earnings. This is a company that has seen little competition in its industry since inception, and is now looking to grow beyond its invincibly stable WD-40 brand.

Segments

The WD-40 Company is, of course, widely known for the famous lubricating product that shares its name; however, the company also manufactures and distributes a small variety of other related products including lubricants, household chemicals & cleaners, and hand cleanser. The company saw revenues drop 7.9% between fiscal years 2008 and 2009 with cost of goods sold decreasing by 12.7%. However, this last reporting period produced stronger numbers, with sales jumping up 10.1% with a COGS increase of 5.9%. Of the $321.5 million in sales, $258.1 million came from its all-purpose lubricating maintenance products—representing a 15% hike from last period—and the remainder from its homecare and cleaning products.

Multi-Purpose Maintenance Products

The following products contributed to 80.3% of total sales for fiscal year 2010, making up the multi-purpose segment of the company's product line.

• WD-40: This is the product that started it all. It was developed in 1953 by Norm Larsen, the founder of the Rocket Chemical Company, with the purpose of providing a water-displacing formula in order to prevent rust accumulation. WD-40 stands for Water Displacement – 40th Try, as it took the company’s staff 40 tries to perfect the formula. The company changed its name to the WD-40 Company and in less than a decade had more than doubled in size from 3 employees to 7, selling 45 or so cases a day. The company has grown substantially since and this product is by far the company’s most successful and revenue-generating in its line of products.
  

  Classic can of WD-40 lubricant

• BlueWorks: The latest entrant into WD-40’s line of products, BlueWorks is a line of industrial grade specialty maintenance products that include lubricants, penetrants, degreasers, and cleaners ^[4].

• 3-in-1: Finally, WD-40 manufactures the 3-in-1 lubricants, especially known for its multi-purpose oil. In addition, the 3-in-1 product line includes motor oil, garage door lubricant, high-performance lubricant spray with PTFE, white lithium grease, and a tough no-rust shield formula for tools and equipment^[5].

Homecare & Cleaning Products

The following products contributed to 20.7% of total sales for fiscal year 2010, making up the homecare/cleansing segment of the company's product line.

• X-14: With the slogan “The Bathroom Xpert,” X-14 offers products specializing in bathroom cleaning. Its products include toilet bowl cleaner, shower cleaner, mildew solution, and a general-purpose bathroom cleaner. Its formulas are specially designed to attack the buildup and prevention of unwanted stains and odors. Competing products include 409 Solution, Tilex, Pine-Sol^[6].
• 2000 Flushes: Specializing in toilet bowl cleaner, 2000 Flushes offers bleaches for the bowl and rim, as well as detergent in order to keep the water sanitized and odor-free killing 99.9% of bacteria^[7].
• Carpet Fresh: Since 1976, the WD-40 Company has been manufacturing Carpet Fresh deodorizers. The product comes in various fragrances including apple cinnamon, vanilla, honeysuckle, and more. The effective formula rids carpets of any aroma that can get trapped from pet odors to cigarette smoke, and helps prevent future entrapment of odors^[8].
• Lava Soap: Lava Soap has been around since 1893 when coal miners and industrial workers desperately required an effective hand-cleansing agent that was tough on grease and grime, yet soft on the skin. It is one of the more generally known of WD-40’s products and continues to generate good sales numbers for the company^[9].
• Spot Shot: The final product in WD-40’s line of household products is Spot Shot, a carpet cleaning agent that can instantly eliminate virtually any stain including coffee, wine, pet stains, and oil. Coming in various sizes of aerosol spray, the formula conveniently liquefies new and even old stain particles so that they can be easily removed without damaging one’s carpet^[10].

Competition

The WD-40 Company faces competition from top companies such as Clorox and Church & Dwight Co. The company’s products, especially in its homecare line, also face stiff competition from an array of many retailers’ private label “generic” brands, further pressuring the company to continue its emphasis on brand recognition. The company’s main strategic initiatives include expanding geographically; maximizing its position in the multi-purpose maintenance product line; developing business through M&A’s, joint ventures, and other strategic partnerships; and leveraging its brand image to further enhance growth in revenues and profit^[1].

The threat of new entrants is composed of two factors: barriers to entry and expected retaliation. Companies, when deciding the attractiveness of a specific market, must consider the barriers to entry in strong detail, as it can be severely costly to fail in the attempt to compete in a new market. Product differentiation, capital requirements, and switching costs^[11] are three factors that must be measured in order to judge the firm’s ability to successfully obtain a competitive position. For the WD-40 and its rivals, there is a significant threat of new entrants. Despite the scale economies achieved by Clorox and Church & Dwight—and to a lesser degree, WD-40—the products that make up the competitive landscape of this industry can and are replicated with relative ease. Multi-purpose maintenance and cleaning products, as demonstrated before, are produced by many companies both in heavily-marketed and generic forms. This is because the products in question do not require a high degree of differentiation. Customers use these products all year around, so they are important products; however, they do not require significant changes to attributes whether considering stain removal, fragrance, ease of use, etc. The main concern is that the product does what is needed at a desirable price. This is not considerably difficult to achieve for any company as the chemical makeup can be imitated closely in a lab.

With respect to capital requirements, a firm simply must have the equity and debt mix required to manufacture, distribute, and sell these products. Scale economies play a role for smaller firms, but those already in the high market capitalization bracket will not find capital expenditures to be a troubling concern. Finally, switching costs in this industry are quite low. Consumers simply choose a close substitute if needed. Those companies wishing to enter into this market simply need to imitate WD-40 and its rivals’ products and list at a competitive price. It is in no respect costly for the end customer to switch from WD-40 to any number of other firms.

With all this in mind, managers must also weigh in on potential retaliation from existing firms. In this case that retaliation would take place in the form of aggressive marketing and pricing from Clorox with responses from WD-40 and C&W (as well as all others) to try to force new entrants out quickly. Those new entrants would need to carefully assess the environment and their own marketing capabilities and distribution networks.

Companies seek to maximize their return on invested capital (ROIC), yet buyers seek valuable products at the lowest possible price—causing the industry as a whole to earn the lowest acceptable ROIC^[12]. Consumers (buyers) have power when there is a high level of competition, causing firms to lower prices and/or provide more value in order to beat their rivals to the punch. As with the threat of new entrants, differentiation and close substitutes play a large role in the bargaining power of buyers—in this case, end consumers. As demonstrated, the products that define the main business of this industry are relatively less difficult to imitate than is the case with many other industries. Accordingly, many substitutes exist and switching costs are limited; thus end consumers are able to exhibit power over the industry and by, switching between companies when prices/value are undesirable, cause WD-40 and others to, again, lower prices and/or add value. In this competitive environment, there will always be a battle between rival firms to attract customers because the products are more or less a necessity. The multi-purpose maintenance products and, more so, homecare products of this industry are going to run at competitive prices.

Suppliers, on the other hand, can also have power. Essentially, the WD-40 Compny and its rivals act as the consumers in this case. If there few suppliers within a concentrated setting, close substitutes exist, and/or suppliers’ play a large role in the final product, then they have power over their customers. Because WD-40, Clorox, etc. buy raw materials in order to process them into final products, there really is not much room for supplier bargaining power. The chemicals and supplies needed to manufacture their products cause these firms to exert more bargaining power over their suppliers (buyer bargaining power) than they can on them. These firms suffer from and exert buyer bargaining power due to low switching costs, available substitutes, and abundance of firms. Moreover, firms like WD-40 and Clorox are able to exploit their brand image and reputation to attract suppliers who would be more than willing to be affiliated with such recognizable companies.

Probably the most significant factor of Porter’s 5 Forces Model in this industry is the threat of substitute products; it has provided the foundation for all other forces thus far (new entrants and bargaining power of buyers/suppliers). Because these products—lubricants, oils, bathroom cleaners, soaps, etc.—are essential for at least most of the targeted customers (those from developed countries) and production materials are not scarce necessarily, many firms produce high quantities of them. Threat of new entrants is high due to low switching costs, low-to-medium capital requirements, and low differentiation requirements. Although buyer power is high, profits are still there to be had as buyers will at most force companies to earn the lowest acceptable return (profits will be realized nonetheless). Thus, the market yields opportunities and this has paved the way for many acceptable substitute products, some generic and some name brand.

Lastly, rivalry intensity contributes to Porter’s 5 Forces Model. Several factors contribute to intensity including number of competitors, industry growth, fixed costs, differentiation, switching costs, and exit barriers. Of particular interest here is slow industry growth, low switching costs, and differentiation. Because the industry isn’t growing substantially, WD-40, Clorox, and all other competing firms fight to gain the most market share by stealing their competitors’ customers^[13]. Since other opportunities are scarce, each company strives to outwit the others and win the hearts and minds of all the customers. This can lead to a competitive arena where all firms trade up market share and profits. Additionally, though differentiation is hard to truly achieve in this market, it even the slightest improvements can allow WD-40 to reap the benefits of more market share, if only for a short while. In relation to both growth and differentiation here are switching costs. Because it is not costly for consumers to switch between X-14 (WD-40) and 409 (Clorox), both firms attempt to lure them with intense marketing, pricing, promotion, and the like.

Strengths, Weaknesses, Opportunities and Threats

Strengths

Ask anyone at the WD-40 Company what their strengths are and they would probably rattle off traits such as the people, passion and products, or strategies including focusing on the core end users, extending a global reach and making competency a necessity^[14]. Moreover, WDFC’s strengths include their strong financial platform, their outsourcing business model with a focus on strong free cash flow. WD-40 Company has a product such that there is not much natural competition for its main product WD-40; there are not many alternatives to this product other than some generic brands department stores may carry. WD-40 Company has had steady growth over the past few years, and as previously touched on, it was found that 80% of households have at least one can of WD-40^[15].

Weaknesses

WD-40 Company lacks any glaring weaknesses that might scream, “issue”. One problem they could run into is the amount of shelf time their product has; this is not necessarily time spend on store shelves, but time that WD-40 spends on a consumer’s shelf. One can of WD-40 can last a very long time if it is just used for odd jobs here and there. WDFC may run into a circumstance where WD-40 sales may start to slow due to the large amount of product still in consumer’s households.

Opportunities

As of fiscal year 2010, WD-40 markets its products in over 160 countries.^[16] Furthermore, more than half of its revenues were from outside of the United States.^[17] According to the 2010 CIA World Factbook, the United States is ranked lower than over 100 countries in terms of real growth rate (GDP).^[18] Therefore, one opportunity would lie in continual global growth and outreach outside of the domestic market.

Threats

Although WD-40 is a household name and an American staple product, there is always the threat of a small competitor winning over consumers with a superior product. One such small competitor attempting this feat is Blaster Corporation's PB Penetrating Catalyst. PB Blaster has been around for over 50 years and achieves many of the same tasks that WD-40 does, such as lubrication, penetration, rust prevention, and loosening surface tension.^[19] One of PB Blaster's selling points is that it gets the job done faster than its competitors. A testimonial from the Inland Steel Corporation in Chicago, IL reads, "We have replaced all our other penetrants with 16-PB. We use it as a penetrant, lubricant and rust preventor." Another one from a different user claims that, "WD-40 doesn’t hold a candle to your PB Blaster in an aerosol can. In fact, I tried WD-40 against your PB Blaster and WD-40 lost every time."^[20] Although Blaster Corporation is not widely known and does not have the global reach that WD-40 does, it should be considered a threat if its lubrication products are superior.

Financial and Operating Metrics

WDFC has posted strong margins over the past three years. When compared to the competitors The Clorox Company (CLX) and Church & Dwight Co. (CHD) they are able to retain more of their revenue as profit. This enables them to in turn pay off additional expenses. WDFC works to maintain their 50/30/20 rule: Gross margin at or above 50%, Cost of doing business at or below 30%, and EBITDA at or above 30% of net sales.^[21] The Gross Margin graph shows the three competitors gross margin percentage for the last three years. WDFC has been increasing over the past several years.

An analysis of the firms' return on assets reveals that WDFC is between the two. This gives insight into how effectively management is at using the firms assets to generate earnings. In fiscal year 2010 WDFC had a return on assets of 12.48% which was slightly behind their competitor The Clorox Co. but has outperformed Church & Dwight Co. over the past several years. The return on assets graph shows the trend of the three competitors over the past three years and WDFC was able to generate a 2.4% increase from 2009 to 2010.

When looking at the firms' return on invested capital WDFC had a higher percentage than Church & Dwight Co. but lower than The Clorox Co. This measure shows how efficiently WDFC is at using the capital the firm has to fund other profitable investments. WDFC return on invested capital has increased by 2.7% from fiscal year 2009 to 2010. This can be seen in WDFC's continual expansion and their gain of $2.6 million in their investment in The Great Atlantic & Pacific Co. from fiscal year 2009 to 2010.^[21]

A common size statement of the three competitors can be viewed in this table. Here there are some important factors to take note of in regards to WDFC's cash conversion cycle which will be explained in the next section.

^{[21] [22] [22]}

WDFC Cash Conversion Cycle

Comparing the three competitors days sales of inventory, WDFC has outperformed both The Clorox Co. and Church & Dwight Co. This measure tells how many days it takes a firm to turn its' inventory. WDFC was able to lower its DSI from 39 days in 2009 to 30 days in 2010. Amongst the three competitors WDFC is turning its inventory at a much quicker rate.

An analysis of the competitors' days sales outstanding shows that WDFC takes significantly longer to collect its sales than The Clorox Co. and Church & Dwight Co. This is a measure that if WDFC improved on would significantly lower the amount of time for their cash conversion cycle. WDFC was able to lower their DSO from 60 days in 2009 to 54 days in 2010.

WDFC over the past several years has been able to pay off their payable accounts relatively quickly. WDFC has a significantly lower DPO than both CLX and CHD. When comparing WDFC amongst The Clorox Co. and Church & Dwight Co. WDFC is able to pay their creditors much more frequently and this measure would suggest that WDFC is a more liquid firm in that it is able to pay off its current obligations on a more timely basis. WDFC days payables outstanding went up from 31 days in 2009 to 44 days in 2010.

An analysis of the firms cash collection cycle reveals that WDFC takes the longest amount of time to convert resource inputs to cash flows. Despite having a low DSI and DPO, the amount of time that WDFC's sales are outstanding is enough to make the other two competitors cash conversion cycles look more attractive. WDFC cash conversion cycle went from 68 days in 2009 to 40 days in 2010.

^{[21] [1] [23] [24]}

Marketing and Supply Chain

Products

Originally known as Rocket Chemical Company during WD-40's founding in 1953, the firm only sold one product known as WD-40 for 40 years. WD-40 acts as a lubricant, rust preventative, cleaner, and moisture displacer.

Over the years WD-40 acquired a number of different brands including 3-IN-ONE brand of general purpose and specialty maintenance products. WD-40 also acquired Lava brand of heavy-duty hand cleaners, 2000 Flushes automatic toilet bowl cleaners, X-14 toilet bowl cleaners and hard surface cleaners, Carpet Fresh rug and room deodorizers, Solvol brand of heavy-duty cleaners, 1001 line of carpet and household cleaners, Spot Shot carpet stain remover. ^[25]

Place

WD-40 sells its products through mass retail stores, home center stores, warehouse club stores, automotive parts outlets, industrial distributors and industrial suppliers. WD-40's multi-purpose maintenance products are sold in North America, Central America, South America, Asia, Austrailia and the Pacific Rim, Europe, the Middle East and Africa. Meanwhile homecare and cleaning products are sold in North America, the U.K., Austrailia and the Pacific Rim. ^[25]

Promotion

WD-40 counts on heightened consumer awareness of the brands of the firm, the value offered as perceived by the customers, large number of distribution channels, and the superior product innovation and renovation produced by the firm's research and development department. The firm also trademarked WD-40's aerosol can silhouette and color scheme and as a result many consumers instantly recognize the lubricant. ^[26]

Price

WD-40 offers superior household and automotive maintenance products than its competitors. WD-40 recognizes that it has a good marketing division that increases consumer awareness of the quality of its products. Since consumers perceive a higher value in WD-40's products the company can price its products somewhat higher than its competitors. ^[26]

For example a container of 32 oz of clorox's 409 all-purpose cleaner costs $3.99, while a container of WD-40's 32 oz of X-14 cleaner costs $5.37.^[27][28]

Another example of higher WD-40 prices is this: a 22oz of Clorox Home Cleaning 04587 Stain Remover costs $3.26, while a 18oz can of WD-40 carpet stain remover costs $10.29.^[29][28]

A third example of the price difference is the Clorox toilet bowl cleaner costs $3.34, meanwhile WD-40's 2000 Flushes Toilet Bowl Cleaner costs $6.49.^{[29] [28]}

Supply Chain

WD-40 keeps it secret formula at its headquarters, where it mixes the super concentrate. After the concentrate is mixed the firm transports the formula to the five contract manufacturing plants where additional ingredients are mixed into the formula before packaging it. After the product is packaged, it is shipped to retailers who sell the product to consumers. ^[30]

Human Resources

Company Values

WD-40 operates around several different company values. These values are:

• Doing the right thing, which equates to the idea that honesty creates trust.
• Creating positive lasting memories in their relationships. This includes WD-40 employees, shareholders, customers, and the products’ consumers.
• Making everything better than it is today. WD-40 strives for continual improvements and tries to make fewer mistakes.
• Succeeding as a team while excelling as individuals. WD-40 believes that individual excellence is the means by which the team succeeds.
• Owning it and passionately acting on it. WD-40 aspires to greatness, and so they act with passion.
• Sustaining the WD-40 Economy. They believe that long-term economic viability is based upon the creation of value for others.^[31]

The "Tribe"

WD-40 operates with only 316 full-time employees^[32], who are called the "Tribe". CEO Garry Ridge explains this name by saying, "Think about tribal leaders—they sit around a fire and share their learning with younger tribe members. So that’s the number one responsibility of the WD-40 tribe—to make learning inclusive and evolutionary."^[33]

Executive Leadership

^{[34][35][36][37][38]}

Name	Current Position(s) at WD-40	Previous Position(s) at WD-40	Years at WD-40	Graduate Degree(s)	Undergraduate/Other Degree(s)	Previous Employment
GARRY O. RIDGE	CEO President Director	Managing Director, Australia Division Director, International Operations VP, International Operations Chief Operating Officer	24	University of San Diego M.S., Executive Leadership	Sydney Technical College Dip., Retail/Wholesale Distribution	Mermax Pacific Managing Director Hawker Pacific Senior Manager
JAY W. REMBOLT	CFO VP of Finance	Manager, Financial Services Controller VP of Finance/Controller	14	University of San Diego M.S., Executive Leadership San Diego State University M.S., Accountancy/Taxation	University of California, Riverside Bachelor's degree	PriceWaterhouse LLP Consultant
MICHAEL J. IRWIN	Executive VP, Strategic Development	Director of Marketing, The Americas VP of Marketing, The Americas Senior VP, CFO, and Treasurer	16	University of San Diego M.S., Executive Leadership Southern Methodist University, Dallas M.B.A.	San Diego State University B.A., Advertising	Hybritech, Inc. Finance, Business Devel., Marketing, and Sales Dean Witter Reynolds, Inc. Financial Consultant
MICHAEL L. FREEMAN	Division President, The Americas	Director of Marketing, The Americas Director of Operations VP of Administration Chief Information Officer Senior VP of Operations	21	University of San Diego M.S., Executive Leadership (Expected 2012) San Diego State University M.B.A.	San Diego State University B.A., American Literature	Self-Employed, Graphic Design Owner/Manager National Steel & Shipbuilding Co. Analyst/Programmer
GRAHAM P. MILNER	Executive VP, Global Development Chief Branding Officer	International Director VP of Sales/Marketing Senior VP, The Americas	19	San Diego State University M.B.A.	University of San Diego B.S., Business Administration	KCS&A Advertising Phillips Ramsey Advertising, WD-40 account

References

1. ↑ ^{1.0 1.1 1.2} WDFC 10K 2010 Retrieved From SEC Website Feb. 26, 2011
2. ↑ Yahoo! Finance WDFC Income Statement Retrieved Feb. 26, 2011
3. ↑ Yahoo! Finance WDFC Analyst Estimates Retrieved Feb. 26, 2011
4. ↑ WD-40 Blue Works Brand Website Retrieved Feb. 27, 2011
5. ↑ WD-40 3-in-1 Brand Website Retrieved Feb. 27, 2011
6. ↑ WD-40 X-14 Brand Website Retrieved Feb. 27, 2011
7. ↑ WD-40 2000 Flushes Brand Website Retrieved Feb. 26, 2011
8. ↑ WD-40 Carpet Fresh Brand Website Retrieved Feb. 26, 2011
9. ↑ WD-40 Lava Soap Brand Website Retrieved Feb. 27, 2011
10. ↑ WD-40 Spot Shot Brand Website Retrieved Feb. 25, 2011
11. ↑ Hitt,Ireland, Hoskisson. Concepts: Strategic Management Competitiveness & Globalization. Mason, OH: South Western Cencage Learning, 2009
12. ↑ Hitt,Ireland, Hoskisson. Concepts: Strategic Management Competitiveness & Globalization. Mason, OH: South Western Cencage Learning, 2009
13. ↑ Hitt,Ireland, Hoskisson. Concepts: Strategic Management Competitiveness & Globalization. Mason, OH: South Western Cencage Learning, 2009
14. ↑ WDFC 2009 Annual Report via the WD-40 Investor Website Retrieved Feb. 26, 2011
15. ↑ WDFC Company History via WD-40 Website Retrieved Feb. 25, 2011
16. ↑ WDFC Investor Website Retrieved Feb. 26, 2011
17. ↑ WDFC 10Q via the WD-40 Investor Website Retrieved Feb. 27, 2011
18. ↑ Wikipedia Entry for Growth Rates Retrieved Feb. 25, 2011
19. ↑ Blaster Co. Website Retrieved Feb. 27, 2011
20. ↑ Blaster Co. Testimonials via Blaster Website Feb. 27, 2011
21. ↑ ^{21.0 21.1 21.2 21.3} WD-40 Investor Website Retrieved Feb. 27, 2011
22. ↑ ^{22.0 22.1} WDFC Financial Documents via SEC Website Retrieved Feb. 27, 2011
23. ↑ Church & Dwight, Co 2010 10K via SEC Website Retrieved Feb. 27, 2011
24. ↑ Clorox Co. 2010 10K via SEC Website Retrieved Feb. 24, 2011
25. ↑ ^{25.0 25.1} Envisionreports.com WDFC Report Retrieved Feb. 28, 2011
26. ↑ ^{26.0 26.1} Packworld.com Case Study Retrieved Feb. 28, 2011
27. ↑ Shopzilla.com WD-40 X-14 Cleaner Price Retrieved Mar. 4, 2011
28. ↑ ^{28.0 28.1 28.2} Restockit.com Formula 409 Cleaner Degreaser Price Retrieved Mar. 4, 2011
29. ↑ ^{29.0 29.1} Sears.com WD-40 Carpet Stain Remover Price Retrieved Mar. 4, 2011
30. ↑ Allbusiness.com WD-40 Brand Development Article Retrieved Feb. 28, 2011
31. ↑ WD-40 Company Website Retrieved Feb. 25, 2011
32. ↑ Yahoo! Finance WD-40 Profile Retrieved Mar. 1, 2011
33. ↑ Renegade HR Website Article Retrieved Feb. 27, 2011
34. ↑ Bloomberg BusinessWeek WD-40 Key Executives Retrieved Feb. 26, 2011
35. ↑ Reuters WD-40 Company Officers Retrieved Feb. 26, 2011
36. ↑ LinkedIn Personal Profiles Retrieved Feb. 26, 2011
37. ↑ Forbes.com Garry O. Ridge Profile Retrieved Feb. 26, 2011
38. ↑ Directorsforum.org Garry O. Ridge Individual Bio Retrieved Feb. 26, 2011