R.J. Reynolds Tobacco Cuts 2,600 Jobs
Posted on: Wednesday, 17 September 2003, 06:00 CDT
R.J. Reynolds Tobacco, the nation's second largest cigarette maker, will cut about 2,600 jobs, 40 percent of its work force, the company announced Wednesday.
"Reynolds Tobacco is fundamentally changing the way it operates its business in order to deliver profit growth," said Andrew J. Schindler, chairman and chief executive officer of RJR.
Schindler said the job cuts are part of plans to trim expenses by $1 billion by the end of 2005 and will focus its spending on premium brands, such as Camel, Salem and Winston.
The company has also started looking at other ways to cost costs, including consolidating facilities and outsourcing some work.
"Given the continuing challenges in the domestic market, it's critical that we position ourselves for future profit growth," Schindler said.
RJR will take a third-quarter restructuring charge of about $340 million, or about $205 million after taxes.
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