Altria Buys Remaining Stake in Nicotine-Pouch Maker
April 29 2021 - 7:58AM
Dow Jones News
By Micah Maidenberg
Altria Group Inc. is deepening its exposure to smokeless
tobacco, saying Thursday that it recently took full control of the
On! nicotine pouches company.
The company recently completed transactions to acquire the 20%
share in the firm that it didn't already own, Chief Executive Billy
Gifford said.
In the summer of 2019, Altria said it struck a deal with a
venture that owns On!, according to a statement from the time.
Altria said then it would invest $372 million for the 80%
stake.
The deal gave Altria access to the leading products and brands
in the moist smokeless tobacco, e-vapor and heated tobacco
categories, the company said then.
Altria also said Thursday that the distribution of On! products
was increased by an additional 15,000 stores in the first quarter,
making its brands available in about 93,000 locations at the end of
the period.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 29, 2021 07:43 ET (11:43 GMT)
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