Philip Morris International Acquires 14.7% Stake In Egypt's Largest Cigarette Maker Eastern Company
Date
5/23/2024 2:16:41 PM
(MENAFN- Daily News Egypt) Philip Morris International (PMI) has acquired a 14.7% minority stake in Eastern Company (EAST), Egypt's largest cigarette manufacturer. The companies announced on Thursday that they will explore potential collaborations in technology, manufacturing, and innovation, with a focus on heated tobacco products.
“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, PMI's President for South & Southeast Asia, Commonwealth of Independent States, and the Middle East and Africa.
PMI, a leading international tobacco company, has been actively working towards a smoke-free future. Since 2008, the company has invested $12.5bn in developing and commercialising innovative smoke-free products for adult smokers.
In 2022, PMI acquired Swedish Match, a leader in oral nicotine delivery, further strengthening its position in the smoke-free market. PMI's smoke-free products were available in 84 markets as of December 31, 2023, and the company estimates that approximately 20.8 million adults worldwide have switched to its IQOS product and stopped smoking.
Eastern Company, in addition to cigarettes, also produces cigars and pipe tobacco. The collaboration with PMI marks a significant step towards exploring smoke-free alternatives in the Egyptian market.
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