Philip Morris International (PMI) announced today it has acquired over 90 percent of Swedish Match’s stock shares, allowing it to begin the process of eliminating Swedish Match as a standalone company and converting it to an internal division of PMI.
Remaining Swedish Match shareholders will be forced under the terms of the Swedish Companies Act to sell outstanding shares to PMI, and PMI will request Swedish Match be delisted by the Nasdaq-Stockholm stock exchange.
PMI says its future plans for Swedish Match “do not include any material changes with regard to Swedish Match’s operational sites, or its management and employees, including their terms of employment.” Swedish Match has manufacturing facilities in seven countries, including the United States. The company’s U.S. headquarters is in Richmond, Virginia.
“This transaction marks a major milestone in accelerating our shared objective of a smoke-free future,” said PMI CEO Jacek Olczak. “We look forward to welcoming Swedish Match’s employees and leading oral nicotine portfolio into the PMI family to create a global smoke-free champion, notably bringing IQOS and ZYN together in both the U.S. and international markets. We are very excited about the growth, value creation and progress in Tobacco Harm Reduction that we believe can be achieved together over the coming years.”
Jim McDonald – Vaping360 – 2022-11-15.
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