Shares of Philip Morris International Inc. (NYSE:PM) ended Tuesday session in green amid volatile trading. The shares closed up +0.19 points or 0.19% at $99.33 with 3.34 million shares getting traded. Post opening the session at $99.42, the shares hit an intraday low of $98.64 and an intraday high of $99.51 and the price vacillated in this range throughout the day. The company has a market cap of $153.81 billion and the numbers of outstanding shares have been calculated to be 1.55 billion shares.
Philip Morris International Inc. (PM) on September 23, 2016 inaugurates its first manufacturing facility for large scale production of two heated tobacco alternatives to cigarettes. The announcement was made at an event at the factory in the presence of the Italian Prime Minister Matteo Renzi. The initial annual production capacity of the factory will be approximately 30 billion units.
“Our ambition is to lead a full-scale effort to ensure that non-combustible products ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders. This factory is a milestone in our roadmap toward this paradigm shift,” said André Calantzopoulos, PMI’s Chief Executive Officer. “This investment underscores our strong commitment to Italy and in particular to the Bologna region, which is not only home to one of our most technologically advanced filter factories located in Zola Predosa, but which also offers great infrastructure and, most importantly, access to exceptional human talent.”
Representing an anticipated investment of approximately EUR 500 million, this state-of-the-art facility currently employs over 300 people and, when fully operational, may employ up to 600. PMI affiliates in Italy already employ over 1000 people. The pre-existing pilot plant will gradually become a training center to continue to develop PMI’s manufacturing know-how and serve as a knowledge-hub for other PMI manufacturing facilities.
PMI’s investment in the development and rigorous scientific assessment of products with the potential to present less risk of harm compared to cigarettes spans more than a decade. It encompasses a wide-range of tobacco and non-tobacco containing product platforms. The tobacco heating device iQOS, the first of these products to be commercialized in November 2014, is now sold in cities in ten countries, and PMI has plans to expand sales to key cities in an additional ten markets before the end of the year. Results of commercialization to date are encouraging. Extensive research to validate the product’s potential to present less risk of harm compared to continued cigarette smoking is well advanced with very promising results to date. Any conclusion on reduced disease risk will be based on the totality of the evidence.
Shares of Altria Group Inc (NYSE:MO) ended Tuesday session in green amid volatile trading. The shares closed up +0.29 points or 0.46% at $63.32 with 4.49 million shares getting traded. Post opening the session at $63.28, the shares hit an intraday low of $62.79 and an intraday high of $63.43 and the price vacillated in this range throughout the day. The company has a market cap of $123.24 billion and the numbers of outstanding shares have been calculated to be 1.95 billion shares.
Altria Group Inc (MO) on September 23, 2016 announced the consummation of and final results for its previously announced cash tender offer for any and all of its senior unsecured 9.95% Notes due 2038 (the “2038 Notes”) and any and all of its senior unsecured 10.20% Notes due 2039 (the “2039 Notes” and, together with the 2038 Notes, the “Notes”). The terms and conditions of the tender offer are described in the Offer to Purchase, dated September 13, 2016 and the related Letter of Transmittal and Notice of Guaranteed Delivery.
The tender offer for the Notes expired at 5:00 p.m., New York City time, on Monday, September 19, 2016 (the “Expiration Time”).