NEW YORK--(Business Wire)--
Philip Morris International Inc. [NYSE/Euronext Paris: PM] (PMI) announced today
that it has entered into an agreement to purchase 100% of the shares of
privately owned Colombian cigarette manufacturer, Productora Tabacalera de
Colombia, Protabaco Ltda. (Protabaco), for $452 million.
Protabaco is the second largest tobacco company in Colombia, with an estimated
2008 volume of 6.1 billion cigarettes and an approximate market share of 31.8%.
The Company reported net revenues of approximately $107.6 million in 2008. Its
leading brands include Mustang, Premier and President.
"We are extremely pleased to reach this agreement with Protabaco in order to
continue to build our business in this important and strategic market," said
Miroslaw Zielinski, President of PMI`s Latin America and Canada Region. "This
strategically compelling transaction will provide PMI with an excellent
opportunity to further develop Protabaco`s strong brand portfolio and reflects
the continuing confidence we have in the future of Colombia, its economy and the
tobacco industry."
In 2005, PMI acquired Compañía Colombiana de Tabaco S.A. (Coltabaco). Since
then, PMI has continued to invest in Coltabaco, its employees and its
infrastructure, as well as in social and economic programs in Colombia,
including investments in the tobacco growing sector.
"This is an excellent development for Protabaco and our employees," said Jaime
Delgado, General Manager Protabaco. "PMI is well known as a successful
manufacturer and marketer of quality tobacco products and we believe they are in
an excellent position to continue to develop our strong brands and strong
organization."
The transaction, which is subject to competition authority approval and final
confirmatory due diligence, is projected to be immediately marginally accretive
to PMI`s earnings per share and is expected to close within the next six months.
About Philip Morris International Inc.
Philip Morris International (PMI) [NYSE / Euronext Paris: PM] is the leading
international tobacco company, with seven of the world`s top 15 brands including
Marlboro, the number one cigarette brand worldwide. PMI has more than 75,000
employees and its products are sold in approximately 160 countries. In 2008, the
company held an estimated 15.6% share of the total international cigarette
market outside of the U.S. For more information, see www.pmintl.com.
CONTACT: Philip Morris International Inc.
Media:
Lausanne: +41 (0)58 242 4500
media@pmintl.com
or
Investors:
New York: +1 (917) 663 2233
Lausanne: +41 (0)58 242 4666
Philip Morris International Inc.
Copyright Business Wire 2009
