Valspar Announces Plans for Plant Closings, Job Cuts
MINNEAPOLIS - The Valspar Corp. announced plans to close several industrial-coatings plants, lay off 5% of its work force and take a $39 million pretax charge as part of a restructuring program aimed at improving its financial results. The company said it will take the charge against earnings in its fiscal fourth quarter ending Oct. 26.
The action is being taken to "eliminate redundant facilities" resulting from Valspar's 2000 acquisition of Lilly Industries Inc. and "to accelerate performance improvement," the company said. The job cuts will affect 350 employees.