Philip Morris Acquires South African Tobacco Company
Philip Morris announced a deal to buy the South African business of Sweden’s Match for 1.75 billion South African Rand (~ USD $222 million), in an attempt to increase its share into smokeless tobacco products. Match South Africa manufacturers snuff and pipe tobacco products, which account for a third of all tobacco use in South Africa. The company is looking for higher growth areas in the tobacco consumption space as cigarette volumes continue to decline.
Tags: light cigarettes
