- Philip Morris International Inc (NYSE:PM) announced a long-term collaboration with KT&G, a South Korean tobacco and nicotine manufacturer, to continue commercializing KT&G’s smoke-free devices and consumables on an exclusive, worldwide basis (excluding South Korea).
- The new arrangement builds on three years of collaboration that has seen PMI commercialize KT&G’s products in more than 30 markets.
- The agreement covers fifteen years, to Jan. 29, 2038, with performance-review cycles and associated commitments, based on volume, to be confirmed every three years to allow flexibility for evolving market conditions.
- PMI and KT&G expect these commitments to increase over the full duration of the agreement, starting with a total commitment for the first three-year period equivalent to 16 billion consumables.
- The agreement gives PMI continued exclusive access to KT&G’s smoke-free brands and product-innovation pipeline.
- “We want everyone who does not quit smoking to switch to a better alternative, for the benefit of their own health, public health, and society at large,” said CEO Jacek Olczak.
- Price Action: PM shares are trading lower by 0.83% at $102.90 in premarket on the last check Monday.
Mark Zuckerberg Dropped From FTC Lawsuit After Reaching Agreement On VR Startup
The U.S. Federal Trade Commission, which sought to prevent Meta Platforms Inc (NASDAQ: META) CEO Mark Zuckerberg from purchasing a virtual reality startup through legal action, is reportedly dropping the executive from its lawsuit.
