Brown-Forman said on Tuesday it will lay off about 12% of its global workforce of 5,400 employees, as the Jack Daniel's maker looks to reduce costs amid weak alcohol demand.

Brown-Forman, a leading spirits manufacturer, has declined 40% in a year but remains fundamentally strong with a 2.7% dividend yield and A-rating. Read the full stock analysis here.

Brown-Forman named new executives and said it will cut about 12% of its global workforce, or roughly 648 jobs, as it undergoes a restructuring aimed to position the company for growth amid a choppy global spirits market.

Spirits giant Brown-Forman Corp. said Tuesday it's reducing its global workforce by about 12% and closing its hometown barrel-making plant in Louisville. The cost-cutting moves come as American whiskey producers face stiff challenges from changing consumer trends and renewed tariff threats.

Brown-Forman closing Louisville cooperage, reducing global workforce by 12%

The moves come as American whiskey producers face stiff challenges from changing consumer trends and renewed tariff threats.