NEW YORK - Reynolds American Inc. said Tuesday it will take a third-quarter restructuring charge and cut about 8% of its workforce to refocus its business on potentially faster-growing product lines for its Camel cigarette brand and smoke-free tobacco. The second largest cigarette manufacturer in the U.S., the Winston-Salem, N.C., company said the move will also save the company about $100 million by year-end 2010. Reynolds American (RAI) said it will cut about 570 full-time jobs, most before next year, resulting in a pretax charge of about $90 million related to severance packages, benefits and related restructuring costs. The company said it would refocus its business resources to grow its Camel brand cigarette in the premium menthol category, which the brand currently has a small but growing position. Camel has long been Reynolds' growth brand. More... Nutty News - Cigarettes America Front Page News
Posts
