Bemis Co. Inc. said it will cut 300 jobs as part of a restructuring plan aimed at saving about $55 million to $60 million a year. The job cuts will be made over the next three years. The job cuts represent about 5% of the global administrative workforce, and about 1.7% of the total workforce. The plastic packaging supplier said it will close two manufacturing facilities, with one closure beginning this year and the other in 2018. The employees of those facilities will be transferred to other locations. "During April, we began a review to align our U.S. manufacturing and administrative cost structures with the demands of our customer base to better position the Company in the current environment and for its long-term success," said Chief Executive William Austen. "Given the challenges in the Brazilian economic environment, we also expanded the scope of our review to include our entire global business." The stock, which was still inactive in premarket trade, has lost 1.8% year to date while the S&P 500 has gained 8.1%.
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