Dec. 5--R.J. Reynolds Tobacco Holdings Inc. said yesterday that it will cut its work force by 635 full-time jobs, or 8 percent, in an effort to cut costs.
The company plans to sell two of its nontobacco businesses and will take a charge of $235 million in its current fourth quarter. It also narrowed its profit forecast for 2002.
"The decisions regarding job eliminations and divestitures have been very difficult, but the realities of today's cigarette marketplace demand that we realign our cost structure," said Andrew J. Schindler, the chairman and chief executive of Reynolds Holdings, the parent of R.J. Reynolds Tobacco Co.
Shares of Reynolds Holdings closed $1.94 higher at $40.76 on the New York Stock Exchange. The stock is down 28 percent this year.
Most of the job losses will be in the Winston-Salem area, said Jan Smith, a company spokeswoman. Smith said that the company, which has its headquarters downtown, did not have a breakdown of where and in which departments the reductions would occur.
The job cuts were old news to employees and yesterday's …