Imperial Tobacco To Cut 780 Jobs At Spain Unit Altadis

Source from:  Nasdaq 03/12/2009

MADRID -(Dow Jones)- Imperial Tobacco Group PLC's (ITYBY) Franco-Spanish unit Altadis will cut 780 jobs in Spain, the company said Wednesday. In a press release, Altadis said the company would negotiate early retirement and other settlements with the employees affected by the cutbacks, that will take effect in June 2010. Imperial Tobacco said last year the Altadis takeover would bring roughly 2,440 job cuts throughout the company. The job cuts come as Altadis closes its factory in Alicante, in Southeastern Spain, to concentrate production plants in the Northern Spanish city of Logrono and in the Cantabria region. The company said it would add 108 new jobs at the Logrono plant and 28 jobs at the Cantabria plant. Imperial Tobacco completed the EUR12.6 billion purchase of Altadis last year. Imperial Tobacco makes Davidoff, West, Drum, Golden Virginia, Rizla, JPS and Lambert & Butler cigarettes while Altadis manufactures Fortune, Gitanes and Ducados and is also the world's leading cigar distributor through its 50:50 venture with the Cuban state-owned cigar company Habanos. Enditem