CAIRO, Egypt--(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.
Contacts
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
