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TEHRAN, Jun 4 - The Altria Group is buying an 80 percent share in Swiss company Burger Sohne and will commercialize one of its smokeless tobacco products, the companies announced Monday.
TEHRAN, Young Journalists Club (YJC) -Altria, which will pay $372 million for the acquisition, is the parent company of Philip Morris, the largest U.S. tobacco company. Altria said it will distribute Burger Sohne's smokeless oral pouch On, which is already sold in U.S. stores.
Altria said once the sale is complete, Burger Sohne will operate under its new subsidiary Helix Innovations.
"We're excited to add on! to our companies' terrific non-combustible portfolio," Howard Willard, Altria's chairman and chief executive officer, said in a statement.
"This acquisition will add another non-combustible product to our portfolio in what we believe is a high-potential, rapidly-developing oral (tobacco-derived nicotine) products category."
Altria said in December it was putting $1.8 billion into the Canadian cannabis company Cronos for a 45 percent ownership stake, with an option to acquire a majority stake in the next five years.
Altria followed that up with a $12.8 billion buy in e-cigarette maker Juul Labs as a minority owner. As part of the agreement, Altria said it wouldn't acquire more than 35 percent and would remain autonomous.
Source: upi
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