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Altria to cut jobs due to economic uncertainty

Altria to cut jobs due to economic uncertainty

Altria Group, owner of the biggest U.S. cigarette maker, confirmed on Tuesday that it has started to cut jobs to alleviate the risk from the widespread economic turmoil.
A spokesman declined to say how many cuts would be made.
Richmond, Virginia-based Altria Group Inc. owns Marlboro-maker Philip Morris USA as well as cigar maker John Middleton. It is also buying smokeless tobacco company UST Inc. to pursue growth outside of cigarettes, which are facing less demand from American consumers.
Spokesman David Sylvia confirmed the cuts and said the company is deciding how many cuts to make between now and February. He said departments that would lose employees have been told that there would be layoffs.
Altria said in August 2007 that it would cut as many as 400 positions when it moved its headquarters out of New York as it spun off Philip Morris International. The cuts were designed to save $250 million annually. An undisclosed number of those employees moved to work in the Richmond office.
The latest cuts _ first reported in the Richmond Times-Dispatch _ are in addition to those layoffs.
Tobacco proved to be one of the more resilient sectors during the latest round of quarterly profit reports. Altria's former unit Philip Morris International did especially well since it is positioned to capture growth in emerging markets, where cigarette sales are growing.


Updated : 2021-10-18 19:47 GMT+08:00