After Japan Tobacco a few days ago, it's the tobacco company's turn British American Tobacco to announce cuts in its global workforce. British American Tobacco (BAT), the world's number two tobacco company, on Thursday announced its intention to cut 2.300 jobs around the world, or about 4% of its workforce, by January.
BRITISH AMERICAN TOBACCO WANTS TO CONCENTRATE ON THE VAPE!
British American Tobacco (BAT), world number two in tobacco, announced Thursday its intention to cut 2.300 jobs around the world, or about 4% of its workforce, by January, the British group wanting to focus its efforts on new generation products such as e-cigarette.
Following this announcement, the stock BAT advanced bers 10:45 by 2,1% to 31,07 pounds, posting the second largest increase of a Stoxx 50 index losing its side 0,04%. Like its competitors, BAT is facing pressure from declining sales of conventional cigarettes and hence the need to invest in other sources of income.
The group, which employs 55.000 people according to its 2018 annual report, specifies that more than 20% of executive positions would be affected by the loss of staff. At the beginning of June, on the occasion of the announcement of a not very optimistic appreciation for the market of conventional cigarettes, BAT said that it would invest in what it calls its "new category" of vaping products and cigarettes. electronic.
BAT, which employs more than 350 people in France according to its French-language site, said earlier in the month that it would launch two new heated tobacco products in Japan.
Source : Boursier.com/
