Japan Tobacco to cut 1,600 jobs, close 4 factories
(MENAFN) Japan Tobacco announced its decision to close four factories and cut 1,600 jobs in a bid to lower production as local sales went down, Times of Oman reported.
The company will attempt to cut jobs through voluntary retirement and other schemes and close four of its nine factories in the country as well as reduce the number of branch offices to 15 from 25.
The company said that these decisions came as an attempt to cope with the "anticipated consequences of future industry contraction in the mid-to long-term."
JT president and chief executive officer said: "We believe that adaptability to a changing environment is critical to achieving sustainable profit growth in the mid-to long-term."
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