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MINNEAPOLIS-Valspar says it will shut down and likely sell another seven more plants and shift production away from four more in an effort to produce up to $100 million in cost savings from its purchase of rival Lilly Industries last year. The Minneapolis-based company makes paint products for houses as well as industrial coatings for cars, cans and golf balls, has not yet identified the plants it plans to close.

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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