Philip Morris International announces the acquisition of a minority stake in an eastern company based in Egypt

CAIRO, Egypt, May 22, 2024–(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, also producing cigars and pipe tobacco in its portfolio includes, among others:

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 areas of technology, manufacturing and innovation, including heated tobacco products, paving the way for a smoke-free future in Egypt.

“We look forward to exploring potential areas of cooperation with the East, including opportunities to provide adult smokers in Egypt with better options than cigarettes,” said Fred de Wilde, President of South and Southeast Asia, the Commonwealth of Independent States and the Middle East and Africa.

Philip Morris International: Ensuring a smoke-free future

Philip Morris International (PMI) is a leading international tobacco company actively pursuing a smoke-free future and expanding its portfolio to include products beyond the tobacco and nicotine sector for the long term. The company’s current product portfolio includes primarily cigarettes and smokeless 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 ending cigarette sales altogether. This includes building world-class scientific assessment capabilities, particularly in the areas of preclinical systems toxicology, clinical and behavioral research, and post-market research. In 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global champion of the smoke-free movement, led by the IQOS and ZYN brands. The U.S. Food and Drug Administration has approved versions of PMI’s IQOS Platform 1 devices and supplies and Sweden’s Match’s snus General as modified-risk tobacco products. As of December 31, 2023, PMI’s smoke-free products are available for sale in 84 markets, and PMI estimates that approximately 20.8 million adults worldwide have already switched to IQOS and quit smoking. Smoke-free products represented approximately 37% of PMI’s total net revenue for the full year 2023. With a strong foundation and significant expertise in life sciences, in February 2021 PMI announced its ambition to expand into the areas of well-being and healthcare , and through its activities, Vectura Fertin Pharma aims to improve the quality of life by providing hassle-free health experiences. More information can be found at www.pmi.com and www.pmiscience.com.

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Communication

Philip Morris’s international concern
David Fraser
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Philip Morris’s international concern
Ryan Sparrow
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