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pioneer agro extracts limited (519439) sees unusual trading volume ✌️【Earnings Growth】✌️ Receive professional stock analysis with real-time updates on market movements. Make quick investment decisions and capitalize on profitable opportunities. Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its5,400 employees amid adownturn in spirits sales.

pioneer agro extracts limited (519439) sees unusual trading volume ✌️【Earnings Growth】✌️ Precise stock market trend analysis with expert insights into global markets, including stock indices, metals, and energy sectors. Leverage our data-driven predictions to maximize your returns. The Louisville-based company has hiked prices in recent years to offset inflation and shield itself from the rising costs of materials, like wood for barrels. Inflation-weary drinkers have simultaneously dialed back their spending on pricey liquors, putting premium spirits makers like Brown-Forman infinancial peril.

Brown-Forman said the job cuts, which amount to nearly 700 people, will “enhance operational efficiency and agility.” It’s laying off 200 people by closing a Louisville cooperage, where wooden barrels are produced to age whiskey and bourbon.

Closing the cooperage and the layoffs will save between $70 and $80 million in annualized cost savings, according to Brown-Forman. A portion of that is “expected to be reinvested to accelerate growth,” the company said in a statement. Barrels will be sourced from an external supplier at a “competitive price,” the company added.

“I want to express my sincere gratitude to our employees, particularly those impacted by these changes, for their dedication and contributions to Brown‑Forman,” said CEO Lawson Whiting.

pioneer agro extracts limited (519439) sees unusual trading volume ✌️【Earnings Growth】✌️ Real-time stock market data, precise predictions, and investment strategies to help you optimize your portfolio and achieve financial success. Related articleAmericans have already been ditching spirits and beer. Alcohol companies are future proofing themselves

pioneer agro extracts limited (519439) sees unusual trading volume ✌️【Earnings Growth】✌️ Free expert predictions on stock trends and real-time data to help you make informed decisions and grow your wealth steadily. The announcement comes a few weeks after the US Surgeon Generalissued a warningthat alcohol consumption can increase the risk of cancer and called for an updated health warning label on alcoholic beverages.

Following a pandemic peak in 2020 through 2022, spirit companies have been contending with slowing sales. Brown-Formanfirst sounded the alarmin 2023 when it reported whiskey sales were falling — a stark contrast compared to a year prior when they were soaring by double-digit percentage points.

Brown-Forman’s (BF.B) shares have lost more than 30% of their value over the past year. The company has a diverse portfolio of liquor, owning Herradura tequila, The Glendronach scotchwhisky, Diplomático Rum and Fords Gin among others. It also produces acanned cocktail with Coca-Cola.

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