Thursday, July 28, 2016 9:45 am

Bemis announced that it has initiated a restructuring program, reflecting in part the further integration of the recent Emplal acquisition.

Bemis said will close four plants in Latin America to improve efficiencies and reduce fixed costs. Total program charges incurred throughout 2016 and 2017 are estimated to be $28 to $30 million (at current exchange rates).

Cost reductions from the program are expected to reach the full run rate of approximately $16 million (at current exchange rates) annually during 2018. The benefits of this program will offset headwinds from the impact of the economic environment in Latin America, helping the Company achieve its long-term margin targets in the Global Packaging segment.