Imperial Tobacco will axe 2,440 jobs

0 Comments | AFP, June, 2008

LONDON (AFP) — Britain's Imperial Tobacco said on Thursday that it would cut about 2,440 jobs, including 1,060 positions in France, as it restructures after the group's takeover of French-Spanish rival Altadis.

Imperial Tobacco bought Altadis earlier this year in a deal worth 12.8 billion euros (18.8 billion dollars), creating a tobacco giant which incorporates well-known brands Embassy cigarettes and Montecristo cigars.

"Imperial Tobacco Group has today announced a number of restructuring projects in Europe which it proposes to implement progressively over the next three years as part of the integration of Imperial Tobacco and Altadis," the group said in a statement to the London Stock Exchange.

It added: "The enlarged group employs around 40,000 people...