Philip Morris International Inc. (NYSE: PM) is reportedly exploring the sale of its cigar business for over $1 billion, according to Bloomberg. The move aligns with the tobacco giant’s strategy to transition toward smoke-free products.
Philip Morris acquired the cigar unit through its 2022 purchase of Swedish Match, a deal aimed at expanding its smoke-free portfolio. Since then, the company has successfully introduced Swedish Match’s popular ZYN nicotine pouches in the U.S., fueling strong demand.
The company recently reported better-than-expected fourth-quarter earnings and provided an optimistic outlook for 2025. Its IQOS smoke-free device is also gaining traction in the U.S., following FDA approval in early 2024.
With growing demand for smoke-free alternatives, Philip Morris’ potential cigar business sale marks another step in its transformation strategy.
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