Merged Company Has 90 Per Cent Market Share

Source from:  Tobacco Reporter 07/27/2010

The merger of the Philip Morris International affiliate, Philip Morris Philippines Manufacturing, and the Lucio Tan-owned Fortune Tobacco four months ago has allowed the new entity, PMFTC, to capture 90 per cent of the local market, according to a story in The Philippine Star. PMFTC president, Chris Nelson, said that there had been improvements in the new business already. "We've been bringing in the best practices from both sides," Nelson told reporters last week. Between them the merged companies employ about 5,000 workers and Nelson said there were as yet no firm plans to reduce that number. According to the Star story, Philip Morris and Fortune Tobacco have equal financial stakes in the new company. Enditem