British tobacco manufacturer British American Tobacco (BAT) will cut 9,000 jobs worldwide to reduce operating costs, the Financial Times reported, citing a statement from the London-based company.
BAT will cut 5,500 jobs by the end of the year and outsource 3,500. The company is seeking to reduce costs by 600 million British pounds (about $ 790 million) a year by 2028 due to declining demand for cigarettes.
BAT, known for brands such as Dunhill, Lucky Strike and Rothmans, employs about 47,000 people worldwide. The cuts will affect employees outside the United States. BAT shares fell 1.3% in early trading on the London Stock Exchange on the news.