Business Services Industry
Japan Tobacco Inc. to Cut 4,000 Jobs, Close One-Third of Factories.
Knight Ridder/Tribune Business News, August, 2003
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Aug. 6--TOKYO--Japan Tobacco Inc. (JT) said Wednesday it will solicit applications for early retirement from about 4,000 employees and that it will close about a third of its tobacco-manufacturing plants under its new three-year, medium-term management plan through March 2006.
The company said its plan is intended to address an adverse impact on domestic cigarette consumption from the July 1 tobacco excise tax increase.
The plan also attempts to deal with effects stemming from Wednesday's agreement between JT and Philip Morris International Inc. to terminate, as of the end of April 2005, a licensing agreement for JT to manufacture and sell Marlboro brand cigarettes in...
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