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

Forman, which is expected to generate savings up to $80 million annually, comes as inflation and changing consumer preferences cut into spirits sales.

Brown-Forman, the Kentucky spirits company that makes Jack Daniel’s Tennessee Whiskey and Woodford Reserve Bourbon, announced it will lay off 12% of its workforce and close its Louisville cooperage.