Philip Morris buys Swedish Match
Philip Morris International had agreed to buy for R1.75 billion Swedish Match’s local operations.
South Africa Swedish Match reported sales of R687 million last year. Its product brands include Boxer, Best Blend and Taxi.
Philip Morris estimated that Swedish Match’s tobacco products comprised 31 percent of local consumption.
The president of Philip Morris’s eastern Europe, Middle East and Africa region, Jean-Claude Kunz, said the deal “represents an excellent strategic fit for our business in South Africa”.
