Last checked at 
(Sharecast News) - British American Tobacco said it was axing 2,300 management jobs as it looked to simplify its structure and reinvest the savings in developing new products such as vapour, tobacco heating and oral tobacco.
The company on Thursday said more than 20% of senior roles would be affected with the redundancies expected to be completed by January 2020. BAT wants to generate £5bn in revenues from new products by 2023/24.
BAT added that the review would result in "faster decision making, greater management accountability and the elimination of duplicative activities" by reducing layers of management and creating fewer larger business units.
16 Feb 2024 12:04
IN BRIEF: British American Tobacco prices USD1.70 billion bond offer
British American Tobacco PLC - London-based maker of cigarettes and vapes - Prices an offering of USD1.70 billion guaranteed bonds. These issues consist of USD850.0 million 5.834% notes due 2031, and USD850.0 million 6.000% notes due 2034. Says its subsidiary BAT Capital Corp is issuing these notes. Says notes will be fully and unconditionally guaranteed by the group. The issuance of the notes is expected to close on Tuesday next week, subject to customary closing conditions. BAT intends to use the net proceeds of the offering of the notes for general corporate purposes, including the potential repayment of existing indebtedness.
Read more