BAR sponsor to cut jobs

BAR sponsor British American Tobacco has announced job losses in Britain and Canada, in an attempt to cut production costs and reduce the impact of a price war in the US. The move, which follows 430 job losses last month at rival Gallaher, will result in the loss of 1000 jobs. According to The Financial Times, investment bank JP Morgan says that the group could close as many as 18 of its 90 factories over the next five years.

BAR sponsor to cut jobs

"Low-cost production bases in [European Union] accession countries such as Poland should enable BAT to close less efficient West European plants," said one JP Morgan analyst. The company said it had transferred the production of 10bn cigarettes from Britain to South Korea, earlier this year, and plans to shift production of a further 8bn to Nigeria.

In the meantime, BAT chairman Paul Adams confirmed in April that his company was looking for further takeover candidates, and that the exiting NASCAR sponsor AJ Reynolds would be an interesting target.

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