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Bemis Company stock price
Bemis Company latest news:
Amcor considering potential takeover of rival Bemis Co - Bbg
Packaging company Amcor Ltd (AMCRF) is considering a takeover of rival Bemis Co (BMS), Bloomberg reported on Thursday, citing people familiar with the matter. Amcor (AMCRF) is working with advisers to explore a bid for Bemis, which has a market valuation of about $4.3 billion, the report said. Amcor (AMCRF) and Bemis were not immediately available to comment.
BRIEF-Bemis Co estimates incurring restructuring expenses of $65-$75 mln
Bemis Company Inc(BMS). * Bemis Company(BMS) - Estimates incurring restructuring expenses of $65-$75 million and other program related costs of $10-$15 million. * Bemis Company (BMS) says estimates an additional $25 - $30 million capital investment related to executing restructuring program - SEC filing Source text: http://bit.ly/2tVCCdD Further company coverage:
Bemis to cut 300 jobs, close 2 facilities
Bemis Co. Inc. said it will cut 300 jobs as part of a restructuring plan aimed at saving about $55 million to $60 million a year. The job cuts will be made over the next three years. The job cuts represent about 5% of the global administrative workforce, and about 1.7% of the total workforce. The plastic packaging supplier said it will close two manufacturing facilities, with one closure beginning this year and the other in 2018. The employees of those facilities will be transferred to other locations. "During April, we began a review to align our U.S. manufacturing and administrative cost structures with the demands of our customer base to better position the Company in the current environment and for its long-term success," said Chief Executive William Austen. "Given the challenges in the Brazilian economic environment, we also expanded the scope of our review to include our entire global business." The stock, which was still inactive in premarket trade, has lost 1.8% year to date while the S&P 500 has gained 8.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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