Japan Tobacco International (JTI) is planning to reduce staff at its headquarters in Geneva, Switzerland, by a quarter over a three-year period as part of restructuring measures, according to a report by Swissinfo. JTI currently employs more than 1,100 people in the city.
Some of the 268 cut posts may be relocated to east Asia and eastern Europe, JTI said. Worldwide cuts are expected to affect 3,720 employees or 6 percent of the workforce.
JTI will reportedly concentrate its resources in Warsaw, Poland; St. Petersburg, Russia; and Manila, Philippines.
The company, which employs 45,000 people worldwide and has been based in Geneva since 2015, said it would remain headquartered in Geneva.
Declining sales, especially in Japan, have hurt JTI’s bottom line in recent years. The potential merger of rivals Philip Morris and Altria could also put further pressure on the industry.