Reynolds Announces Cost Savings Ahead of UBS Consumer Conference
This morning ahead of the UBS Global Consumer Conference Reynolds American announced it will be reducing its US workforce by 10% through 2014, with most employees leaving on a voluntary basis. Reynolds stated the cost savings program will generate $25 mm in savings by the end of 2012, growing up to $70 mm in annual savings though 2015. The company noted they will update their guidance when they discuss 1Q12 earnings.
This story was provided via Nik Modi – UBS online newsletter.
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