The makers of Marlboro, Altria, formerly know as Philip Morris, this week announced a huge layoff that would predictably save the company $300 million per year. The company participated in a call, and said that sales volume is down 2.6 percent since last quarter.
Gizmodo.com reports that Altria’s Chief Executive Marty Barrington was asked during the call what the company planned to do with the savings. While Barrington didn’t say specifically, he did say “the company continues to invest in ‘reduced harm products’ such as electronic cigarettes and in its brands.”
The company is developing its iQOS e-cigarette, hoping to compete with other tobacco companies hoping to make a buck in the vaping market.