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Bemis Company declares planned restructuring and cost saving actions
Jun 30, 2017 (M2 EQUITYBITES via COMTEX) -- (C)1994-2017 M2 COMMUNICATIONS http://www.m2.com

Bemis Company Inc (NYSE:BMS) reported on Friday its planned actions in a restructuring and cost savings programme for long term improvement of efficiency and profitability.

These initiatives will be implemented by the company while maintaining the quality of products, service and innovation that is consistent with its standards. At first it will optimise its manufacturing capacity by definitively closing two manufacturing facilities with work performed there being transferred to other locations first in 2017 and then in 2018. Benefits will be about USD10m from these closures when fully implemented and it will continues to evaluate opportunities to consolidate further facilities.

The company will lower its administrative support cost structure to align with the current business environment, which will result in a reduction of about 300 positions or 5% of the global administrative workforce, over the next three years. It will provide job placement assistance and severance benefits to the impacted employees to assist in their transition. The cost savings from these changes will be about USD20m over the next three years.

Bemis is a supplier of flexible and rigid plastic packaging worldwide. With an estimated 17,500 global workforce, it reported 2016 net salesopf USD4.0bn from continuing operations. Headquartered in Neenah, Wisconsin, it was founded in 1858.


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