Valspar does not have any plants in Minnesota. The company, which said it would close eight to 10 plants when it bought Lilly for $975 million, has already closed and put up for sale seven plants.
"Our strategy going into the merger was to take a lot of costs out and look for synergies," says Deborah Weiss, vice president and treasurer of Valspar.
Valspar officials told analysts Monday its is facing a "difficult economy," but its outlook hasn't gotten worse in recent months and was not the reason for the heavier cutbacks. The move will result in about 350 layoffs, about 5% of its overall workforce.
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