Juul Labs has secured an investment from some of its early investors to keep the e-cigarette business operations avoiding the bankruptcy. Juul plans to lay off abut 400 people and reduce its operation budget by 30% to 40%. The company has been facing financial strains since the FDA banned Juul’s vaping products this year and then put the ban on hold pending further review. The uncertainty around the ban has …
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Altria
Leading international tobacco company Japan Tobacco has announced a joint venture between the JT Group, through its subsidiary JTI, and the leading US tobacco firm Altria Group, through PM USA. According to the Japan Tobacco’s press release, the join venture was formed to market and commercialise heated tobacco sticks (HTS) products in the USA, using Ploom devices and Marlboro consumables. A long-term, non-binding global memorandum of understanding was signed to …
Philip Morris International (PMI) has reached an agreement with Altria Group (Altria) to end the companies’ commercial covering IQOS in the USA. From 30th April 2024, PMI will have full rights to sell IQOS in the USA. As part of the agreement, PMI will pay a total cash consideration of $2.7 billion. The agreement between the two companies for the commercialization of heat-not-burn products in the USA was established in …
Multinational tobacco firm Altria Group has announced that its subsidiary, UST LLC, has entered into a definitive agreement to sell its Ste. Michelle Wine Estates to Sycamore Partners Management private equity firm for a price of approximately $1.2 billion. Ste. Michelle Wine Estates is the largest winery in the Pacific Northwest and among the largest premium wineries in the United States, farming more than 30,000 acres and distributing its wines …
Multinational tobacco firm Altria Group Inc has announced that its subsidiary, UST LLC, has entered an agreement to sell the Ste Michelle Wine Estates business to Sycamore Partners Management, LP., a private equity firm specializing in consumer, retail, and distribution investments. According to sources, the sale will enable Altria to focus on their vision of transitioning adult smokes to a ‘non-combustible future’. Billy Gifford, Altria’s chief executive officer said: “Ste. …
Multinational tobacco firm Altria has announced it has paid $12.8 billion to acquire a 35% stake in e-cigarette company Juul. Announcing the purchase, Altria said the move would allow Juul the opportunity to reach adult smokers through prime retail shelf space, inserts in cigarette packs and an adult smoker database. It added that the service agreements would accelerate Juul’s mission to switch adult smokers to e-vapour products. Commenting on the …
Altria, the multinational tobacco firm, has diversified into the cannabis sector with the acqusition of a 45% equity stake in Cronos Group for an aggregate investment of approximately USD $1.8 billion. Altria said the deal would leave it better positioned should cannabis become federally permitted in the US. Cronos Group is a vertically integrated cannabis company that operates the Canadian licensed producers Peace Naturals Project and Original BC, with a portfolio of brands which …
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