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BRIEF-Bemis Company estimated reduction of 8 pct of its global administrative workforce
September 12, 2017 / 11:38 AM / 7 days ago

BRIEF-Bemis Company estimated reduction of 8 pct of its global administrative workforce

Sept 12 (Reuters) - Bemis Company Inc:

* Bemis Company - ‍ estimated reduction of 8 percent of its global administrative workforce, or 500 positions due to previously announced restructuring

* Bemis Company Inc says ‍in addition, company plans to consolidate certain administrative offices and take other actions - sec filing​

* Bemis Company Inc - company is targeting an annual savings run rate of $65 million by 2019, before taxes, from the 2017 plan ‍​

* Bemis - ‍now expects to incur total pre-tax restructuring expenses of $65 million-$75 million, total pre-tax other plan-related costs of $20 million-$30 million

* Bemis company inc - ‍plant closings are expected to be completed by end of 2019​

* Bemis Company-total restructuring cash payments for 2017 plan estimated to be $50 million, with additional $20-$30 million in other plan-related cash payments​

* BEMIS COMPANY INC - ‍expects restructuring and other plan-related payments of about $10 million in 2017, with additional $40 million in 2018, balance in 2019​

* Bemis Company -now expects to incur total pre-tax restructuring expenses of additional $15-$20 million capital investment related to executing 2017 plan‍​ Source text (bit.ly/2xt5v3m) Further company coverage:

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