Berry Global Announces Closure of 15 Global Facilities as Part of $115M Cost-Saving and Productivity Drive
June 9, 2023In an effort to reduce costs and increase productivity, Berry Global is shutting down 15 facilities globally and moving business to more efficient locations. This move, coupled with labor-cost reductions, is expected to bring about annualized cost savings of $115 million, with an expected realization of $70 million in fiscal 2023. These measures will help offset a 6% volume decrease due to destocking and market softness. The company plans to continue focusing on high-potential markets like healthcare, beauty, and foodservice, while expanding its emerging-market exposure and offering innovative, sustainability-focused products.
