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Tobacco titan Philip Morris International Inc. (NYSE: PM) is snapping up the South African operations of Swedish Match for a cool 1.75 billion rand, or roughly $224.7 million. The acquisition is part of PM's broader strategy to gain a foothold in the smokeless tobacco arena. Currently, Swedish Match South Africa is the market leader in the South African pipe tobacco and snuff categories.

"This financially attractive acquisition represents an excellent strategic fit for our business in South Africa," said Jean-Claude Kunz, PM's president of Eastern Europe, Middle East, and Africa. "We firmly believe that merging the two businesses will provide us with the talent, infrastructure, and expertise to further build and grow our portfolio of strong brands in this important market."

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Philip Morris shells out $224.7 million for Swedish Match unit originally appeared on BloggingStocks on Thu, 02 Jul 2009 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Altria GroupinthenewsJean-Claude KunzMOPhilip Morris InternationalPMshort interestshort sellerssmokeless tobaccoSouth AfricaSwedish Matchtechnical analysisThu, 02 Jul 2009 13:30:00 EST