Joint Smokeless Venture for PMI And Swedish Match

Source from:  World Tobacco 03/27/2009

Cigarette maker Philip Morris International has announced it will partner with Swedish Match to create a joint venture to commercialise Swedish snus and other smokeless tobacco products. The joint venture will focus on worldwide sales outside of Scandinavia and the USA. The joint venture will be based in Stockholm and the board of directors will consist of six members, with three nominated by each company. Each company will own a 50% stake in the company and will license their respective trademarks and intellectual property to the joint venture. Other financial details were not disclosed. "Consumers are becoming increasingly aware, and modern lifestyle trends speak in favour for Swedish snus as a fashionable tobacco alternative on a global scale," said Lars Dahlgren, CEO of Swedish Match, speaking exclusively to World Tobacco. Dahlgren further stated: "We strongly believe in the concept of Tobacco Harm Reduction. And experience has shown that Swedish Snus plays an important role as a suitable alternative to cigarette smoking, for those consumers who enjoy that freedom of choice." Enditem