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Philip Morris Int'l to enter smokeless market
Monday, March 02, 2009 (GST)

Philip Morris International, which sells Marlboro cigarettes outside the U.S., said Tuesday it plans to bring smokeless tobacco products to markets around the world through a new joint venture. The world's biggest non-governmental cigarette maker will expand distribution of smokeless tobacco through a partnership with Swedish Match. Financial terms were not disclosed. Tobacco makers have been seeking more smokeless products as demand for cigarettes has been threatened by smoking bans, higher taxes, health concerns and social stigma. So the companies have increased their focus on cigars, chewing tobacco, moist snuff and snus, or teabag-like pouches that users put between their teeth and gum. Philip Morris International Inc.'s 50-50 joint venture with Swedish Match creates a significant partnership between market leaders. The joint venture will be based in Stockholm and each company will nominate three directors to the board. "This agreement provides us with the opportunity to bring our quality products to consumers across a broader geography," Swedish Match Chief Executive Lars Dahlgren said in a statement. The deal comes roughly one month after Philip Morris International's former parent, Altria Group Inc., closed its buyout of UST Inc., which is the market leader for smokeless products in the U.S. with the Copenhagen, Skoal and Husky brands. That acquisition followed the 2006 buyout of Conwood Co. by Reynolds American Inc., Altria's next-biggest rival in the U.S. cigarette market. Conwood sells the Kodiak and Grizzly brands. In their announcement, Philip Morris International and Swedish Match said they plan to sell Swedish Snus and other smokeless tobacco products in markets outside the U.S. and Scandinavia. The deal between the two allows them to license the Marlboro brand and others for use on smokeless products. Swedish Match is the market leader in Scandinavia and has a U.S. joint venture with Lorillard Inc., which sells Newport, Kent and Old Gold cigarettes. Philip Morris International — which has offices in Lausanne, Switzerland, and New York — is the world's second-biggest cigarette maker after the state-controlled China National Tobacco Corp. It was spun off from Altria in March 2008.