Imperial Brands plans major job cuts

Imperial Oil announced plans to reduce its workforce by 20% over the next two years, as part of a broader restructuring initiative aimed at improving operational efficiency and reducing costs. The company expects these job cuts, combined with other restructuring measures, to generate annual savings of $150 million by 2028. Imperial had 5,100 regular employees at the end of 2024, according to its annual report. The restructuring also includes closer collaboration with its major shareholder, ExxonMobil, to enhance productivity through increased production, reduced downtime, lower unit operating costs, and improved project planning. Additionally, the company plans to consolidate operations at its key sites. Imperial anticipates a one-time restructuring charge of $330 million before taxes in the third quarter of 2025. The company has maintained its 2025 guidance, indicating confidence in its ability to manage the transition.