Forman, which is expected to generate up to $80 million in annual savings, comes as inflation and changing consumer tastes 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.

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. The company has struggled with high input costs,