Forman, which is expected to generate savings up to $80 million annually, comes as inflation and changing consumer preferences cut into spirits sales.

Spirits giant Brown-Forman Corp. said Tuesday it's reducing its global workforce by about 12% and closing its hometown barrel-making plant in Louisville. The cost-cutting moves come as American whiskey producers face stiff challenges from changing consumer trends and renewed tariff threats.

Brown-Forman said on Tuesday it will lay off about 12% of its global workforce of 5,400 employees, as the Jack Daniel's maker looks to reduce costs amid weak alcohol demand.