Altria closing two manufacturing sites
Altria, the maker of Marlboro cigarettes, says it will close two of its manufacturing facilities by early 2018.
The decision affects about 580 workers, but the company did not say how many may be laid off. It said employees affected by the shutdown will be offered a chance to move to jobs at other facilities. Those that don’t move will be laid off and offered severance benefits.
The company said the closures will save Altria about $50 million by the end of that year.
The announcement came as Altria reported a 29 percent drop in profit for its most recent quarter. Its adjusted earnings still beat expectations. Revenue rose 4 percent to $5.19 billion in the period.