Altria (MO) Begins Job Cuts at Richmond, VA Facilities
More News related to MO
- With UST Integration Progressing Smoothly, Altria Announces Departure of Vice Chair Murray Kessler
- Altria (MO) Vice Chair, Kessler, to Leave at End of June
- Altria Group Supports Enactment of Tobacco Industry Regulation
- Piqqem.com Latest Sentiment Movements: JPM, CA Move Up; RRC, SBUX Down
- Senate Passes Bill Allowing FDA Regulation of Tobacco Industry (MO, RAI, LO)
According to reports out of the Richmond Times-Dispatch, Altria (NYSE: MO) has begun cutting jobs from its facilities in Richmond, Virginia. While Altria officials have not yet specified how many cuts will take place, it has indicated that cuts have already happened and that more are likely to come. The reductions are expected to be completed by the end of February, and will be focused on Altria's Client Services unit, which provides administration functions.
As Dow Jones has reported, Altria currently has about 5,400 employees working in Virginia. The job reduction efforts are expected to "help streamline the company's operations and reduce expenses beyond the $1 billion cost-savings plan previously announced."
Shares of Altria are trading lower with the broader markets: the stock most recently traded at $17.39, down 2.4% for the day.
Altria Group, Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes and other tobacco products in the United States and internationally.
Related Categories
Corporate NewsTrader Talk
Stocks Mentioned
+9.67Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
