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. says it’s reducing its global workforce by about 12% and closing its barrel-making plant in Louisville.

Brown-Forman named new executives and said it will cut about 12% of its global workforce, or roughly 648 jobs, as it undergoes a restructuring aimed to position the company for growth amid a choppy global spirits market.