British American Tobacco (LSE:BATS)
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1 Month : From Aug 2019 to Sep 2019
By Carlo Martuscelli
British American Tobacco PLC (BATS.LN) said Thursday that it expects wide-ranging layoffs aiming at streamlining the organization, with some 2,300 roles cut by the beginning of next year.
The FTSE 100-listed cigarette-maker said the move aims to create fewer, but more accountable, business units and avoid duplication. More than 20% senior roles in the organization are expected to be affected, it said.
"This will ensure the company is better placed to meet ever evolving consumer needs and deliver savings that can be reinvested in the growth of its portfolio of new categories such as vapor, tobacco heating products and oral tobacco," the owner of the Lucky Strike and Pall Mall brands said.
Chief Executive Jack Bowles said the job cuts will better place the company to deliver on its 5 billion-pound ($6.2 billion) revenue target for its new categories division--which includes vaping and tobacco-heating products--by 2023-24.
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(END) Dow Jones Newswires
September 12, 2019 02:32 ET (06:32 GMT)
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