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Philip Morris International Inc restructures its business in Egypt

Wednesday, 29 Jan 2014 06:06pm EST 

Philip Morris International Inc:Decides, as part of its initiative to enhance profitability and growth in North African and Middle Eastern markets, to restructure its business in Egypt.Says the new business model entails a new contract manufacturing agreement with its long-standing, strategic business partner, Eastern Company S.A.E., the creation of a new PMI affiliate in Egypt and a new distribution agreement with Trans Business for Trading and Distribution LLC.Says that, to accomplish this restructuring and ensure a smooth transition to the new model, PMI will record, in the fourth quarter of 2013, a charge to its 2013 full-year reported diluted earnings per share of about $0.10 to reflect the discontinuation of existing contractual arrangements. 

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4:01pm EDT