British American Tobacco said on Thursday that it will lay off 2,300 employees globally by January, about 4% of its workforce, as the world’s second largest tobacco company by sales focuses on newer smoking options such as e-cigarettes.
The company has said it will invest in what it calls its “new category” business under CEO Jack Bowles and has announced plans to consolidate the portfolio. The division makes tobacco heating products glo and Vype e-cigarettes, as well as snuff and nicotine pouches. BAT expanded by buying US rival Reynolds American for $49bn in 2017. The company said the planned changes would help the firm deliver on its target of generating £5bn of revenue in new categories by 2023/2024.
This month, BAT said it would launch two new tobacco heating products in Japan under its glo brand. It is also seeking to close the gap with market leader Philip Morris International in the US’s fast-growing vaping industry.
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