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| UK tobacco giant BAT to cut 2,300 jobs | UK tobacco giant BAT to cut 2,300 jobs |
| (32 minutes later) | |
| British American Tobacco has announced plans to cut 2,300 jobs as it shifts away from traditional cigarettes. | British American Tobacco has announced plans to cut 2,300 jobs as it shifts away from traditional cigarettes. |
| BAT said it was creating a "more efficient, agile and focused" company as it focused on e-cigarettes and other new categories of product. | BAT said it was creating a "more efficient, agile and focused" company as it focused on e-cigarettes and other new categories of product. |
| The firm said management layers would be reduced and simplified under a plan to be substantially completed by January next year. | The firm said management layers would be reduced and simplified under a plan to be substantially completed by January next year. |
| A BAT spokesperson declined to give any details of where the jobs would go. | A BAT spokesperson declined to give any details of where the jobs would go. |
| The company has its headquarters in London and has 55,000 employees worldwide, with 55 factories in 48 countries. | The company has its headquarters in London and has 55,000 employees worldwide, with 55 factories in 48 countries. |
| BAT shares were up 2.5% in Thursday morning trading in London. | |
| "With the focus on simplification and removal of management layers, it is expected that over 20% of the senior roles in the organisation will be affected," it said. | "With the focus on simplification and removal of management layers, it is expected that over 20% of the senior roles in the organisation will be affected," it said. |
| New chief executive Jack Bowles, who has been in the role for five months, said he wanted to "ensure a future fit culture". | New chief executive Jack Bowles, who has been in the role for five months, said he wanted to "ensure a future fit culture". |
| "My goal is to oversee a step change in 'new category' growth and significantly simplify our current ways of working and business processes, whilst delivering long-term sustainable returns for our shareholders. This is a vital first move to help achieve these goals," he added. | "My goal is to oversee a step change in 'new category' growth and significantly simplify our current ways of working and business processes, whilst delivering long-term sustainable returns for our shareholders. This is a vital first move to help achieve these goals," he added. |
| Vaping concerns | |
| Among its new category products is the Vype e-cigarette, which it launched in 2013. | |
| BAT's emphasis on "new categories" comes amid signs that US regulators are preparing to take a tougher stance on e-cigarettes. | |
| On Wednesday, President Donald Trump announced that his administration would ban flavoured e-cigarettes after a spate of vaping-related deaths. | |
| US Health Secretary Alex Azar said the Food and Drug Administration (FDA) would finalise a plan to take all non-tobacco flavours off the market. | |
| Earlier this week, US First Lady Melania Trump tweeted that she was "deeply concerned about the growing epidemic of e-cigarette use in our children". |