As far as history goes, I have multiple references to Robert Abplanalp such as:
"In 1949, 27-year-old Robert H. Abplanalp’s invention of a crimp on valve enabled liquids to be sprayed from a can under the pressure of an inert gas. Spray cans, mainly containing insecticides, were available to the public in 1947 as a result of their use by U.S. soldiers for preventing insect-borne diseases. Abplanalp’s invention made of lightweight aluminum made the cans a cheap and practical way to dispense liquids foams, powders, and creams. In 1953, Robert Abplanal patented his crimp-on valve "for dispensing gases under pressure." His Precision Valve Corporation was soon earning over $100 million manufacturing one billion aerosol cans annually in the United States and one-half billion in 10 other countries."
this is a direct rip from About.com [1] and I can't even tell if his valves were spray paint valves! I will be doing more research here.