Philip Morris International Announces the Acquisition of a Minority Stake in Egypt-Based Eastern Company
May 22 2024 - 9:50AM
Business Wire
Philip Morris International (PMI) today announces the
acquisition of a minority indirect stake (14.7%) in Egypt-based
Eastern Company (EAST.CA), Egypt’s largest cigarette manufacturer
which also includes cigars and pipe tobacco, among others, in their
portfolio.
As part of this acquisition, PMI and Eastern seek to explore, on
a non-exclusive basis, potential strategic areas for mutual
long-term collaboration, in the fields of technology,
manufacturing, and innovation, including heated tobacco products,
paving the way to a path towards a smoke free future in Egypt.
“We look forward to exploring potential areas of cooperation
with Eastern, including opportunities to provide adult smokers in
Egypt with better options than cigarettes,” said Fred de Wilde,
President South & Southeast Asia, Commonwealth of Independent
States and Middle East and Africa.
Philip Morris International: Delivering a Smoke-Free
Future
Philip Morris International (PMI) is a leading international
tobacco company, actively delivering a smoke-free future and
evolving its portfolio for the long term to include products
outside of the tobacco and nicotine sector. The company’s current
product portfolio primarily consists of cigarettes and smoke-free
products. Since 2008, PMI has invested $12.5 billion to develop,
scientifically substantiate and commercialize innovative smoke-free
products for adults who would otherwise continue to smoke, with the
goal of completely ending the sale of cigarettes. This includes the
building of world-class scientific assessment capabilities, notably
in the areas of pre-clinical systems toxicology, clinical and
behavioural research, as well as post-market studies. In 2022, PMI
acquired Swedish Match – a leader in oral nicotine delivery –
creating a global smoke-free champion led by the companies’ IQOS
and ZYN brands. The U.S. Food and Drug Administration has
authorized versions of PMI’s IQOS Platform 1 devices and
consumables and Swedish Match’s General snus as Modified Risk
Tobacco Products. As of December 31, 2023, PMI's smoke-free
products were available for sale in 84 markets, and PMI estimates
that approximately 20.8 million adults around the world had already
switched to IQOS and stopped smoking. Smoke-free products accounted
for approximately 37% of PMI’s total full-year 2023 net revenues.
With a strong foundation and significant expertise in life
sciences, PMI announced in February 2021 its ambition to expand
into wellness and healthcare areas and, through its Vectura Fertin
Pharma business, aims to enhance life through the delivery of
seamless health experiences. For more information, please visit
www.pmi.com and www.pmiscience.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240522352856/en/
Philip Morris International David Fraser T. +41 (0)58 242 4500
E. david.fraser@pmi.com
Philip Morris International Ryan Sparrow E.
ryan.sparrow@pmi.com