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Philip Morris preps for smoke-free growth with new facility

Published 06/19/2017, 08:37 AM
© Reuters.  Philip Morris preps for smoke-free growth with new facility
PM
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  • Philip Morris International (NYSE:PM) announces plans to invest approximately $320M in a new high-tech facility in Dresden, Germany to produce HEETS, the tobacco units to be used with the electronic tobacco heating device IQOS.
  • Construction of the facility is scheduled to begin in late 2017.
  • The factory is expected to employ about 500 people when it becomes operational in the early aprt of 2019.
  • "This investment represents another step towards a future in which smoke-free products replace cigarettes. Already, over two million people have given up smoking and switched to IQOS, and we know this is just the beginning. We are fully committed to meet smoker demand for potentially less harmful alternatives to cigarettes," says Philip Morris CEO André Calantzopoulos.
  • PM +0.20% premarket to $122.20.
  • Source: Press Release
  • Now read: Philip Morris And Its Precarious Dividend


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