The cost-cutting moves come as American whiskey producers face stiff challenges from changing consumer trends and renewed tariff threats.
said Tuesday it’s reducing its global work force by about 12 per cent and closing its hometown barrel-making plant in Louisville, Ky.
Brown-Forman said it will source barrels from an external supplier and expects to receive more than US$30-million from selling cooperage assets. The company established its own cooperage in 1945 – raising barrels and honing the craft of using wood to create distinct flavour characteristics to bourbon.
Last month, Brown-Forman reported a 5-per-cent decline in net sales for the first six months of its fiscal year compared to the year-ago period. The decline was largely owing to its Finlandia and Sonoma-Cutrer divestitures, the company said. Mr. Whiting said the results came amid “challenging economic conditions,” but he predicted a stronger performance in the second half of the year.
Republican president-elect Donald Trump has threatened to impose new tariffs with his return to the White House. During Mr. Trump’s first term, American whiskey distillers got caught up in a trans-Atlantic trade fight, causing deep drops in exports to the European Union – the industry’s biggest overseas market. The EU imposed a retaliatory tariff on those spirits in 2018 in response to Mr. Trump’s decision to slap tariffs on European steel and aluminum.
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