Reynolds American Inc. and its tobacco unit, R.J. Reynolds, said Tuesday they would cut about 570 jobs, or 10 percent of their American work force, as cigarette sellers prepare to compete more aggressively for sales of smokeless tobacco products.
The company expects the job cuts at its headquarters in Winston-Salem, N.C., to save $100 million by the end of 2010 and $55 million a year after that. Employees will begin losing their jobs in the third quarter, but some cuts will take until the end of 2009.
Reynolds' move comes after its bigger rival, Philip Morris USA owner Altria Group Inc., said Monday it would buy UST Inc., the maker of Skoal and Copenhagen, for …
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