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BRIEF-Bemis Co reports actions to reduce cost structure
June 30, 2017 / 10:12 AM / 5 months ago

BRIEF-Bemis Co reports actions to reduce cost structure

June 30 (Reuters) - Bemis Company Inc:

* Bemis Company announces actions to reduce cost structure

* Bemis Company Inc - annual savings run rate targeted at $55 to $60 million

* Bemis Company Inc - cost to implement actions estimated between $100 to $120 million

* Bemis Company Inc - activities will result in a reduction of approximately 300 positions, or 5 percent of global administrative workforce

* Bemis Company Inc - cost savings from the changes will be approximately $20 million over next three years

* Bemis Company - has definitive plans to close 2 manufacturing facilities, work performed at these facilities will be transferred to other bemis locations

* Bemis Company Inc - will initiate closing of one of the facilities in 2017 and other in 2018

* Bemis Company Inc- company will initiate closing of one of the facilities in 2017 and other in 2018

* Bemis Company Inc - cost savings from changes will be approximately $20 million over next three years

* Bemis Company Inc - benefits from two manufacturing plant closures will be approximately $10 million when fully implemented

* Bemis Company Inc - restructuring and cost savings plan initiated to improve profitability by reducing manufacturing and administrative cost structure Source text for Eikon: Further company coverage:

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