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June 18--  An estimated 350 employees at the Valmiera Glass Plant in Dublin were notified yesterday that the plant is closing and that they are being laid off.

According to WMAZ-TV in Macon, a separation notice to employees said the company has suffered a financial downturn and a loss of revenue and was closing Monday.

Valmiera Glass released a statement Tuesday morning saying attempts to find an external investor for one of their operations failed on Sunday.

As a result, Valmiera's mother company in Latvia filed for legal protection proceedings on Monday. Due to the Latvia proceedings, financial support for the Dublin plant from the mother company is no longer available.

The rest of the statement reads as follows:

"Respectively the company was forced to stop its Phase II Fiberglass furnace operation effective immediately today, June 17th at 2.30 p.m. More than 350 employees were laid off Monday.

In addition, the company filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Northern District of Georgia on June 17th at approximately 8 p.m.

The company intends to continue to operate its Phase I Needle Mat division in the ordinary course of business while it formulates its reorganization plan around this profitable side of its business."