After Japan Tobacco a few days ago, it's the turn of the cigarette maker British American Tobacco to announce cuts in its global workforce. British Tobacco (BAT), the world's second largest tobacco company, announced Thursday its intention to remove 2.300 positions worldwide, about 4% of its workforce, by January.
British American Tobacco (BAT), the world's second largest tobacco company, announced Thursday its intention to eliminate 2.300 positions worldwide, about 4% of its workforce, by January, the British group wanting to focus its efforts on products of new generations as the e-cigarette.
As a result of this announcement, the BAT share advanced 10% 45h2,1 to 31,07 pounds, posting the second largest increase in a Stoxx 50 index yielding 0,04%. Like its competitors, BAT faces the pressure of declining sales of conventional cigarettes and the need to invest in other sources of revenue.
The group, which employs 55.000 people according to its 2018 annual report, states that more than 20% of executive positions would be affected by workforce deletion. At the beginning of June, on the occasion of the announcement of a low optimistic assessment for the conventional cigarette market, BAT said it would invest in what it calls its "new category" of vaping products and cigarettes. e.
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/