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Jump to full article: Swedish Match AB (se), 2009-02-03
Intro: Swedish Match AB [publ] and Philip Morris International [NYSE/Euronext Paris: PM] (PMI) today announced that they have entered into an agreement to establish an exclusive joint venture company to commercialize Swedish Snus and other smokefree tobacco products worldwide, outside of Scandinavia and the United States.
The joint venture will utilize the strong combination of Swedish Match’s product development and manufacturing expertise in the smokefree category and PMI’s extensive sales and distribution infrastructure to develop business opportunities worldwide. Under the agreement, each company will own a 50% stake and will license their respective trademarks and intellectual property to the joint venture.
“PMI is the ideal strategic partner for Swedish Match in the smokefree category. This agreement provides us with the opportunity to bring our quality products to consumers across a broader geography,” said Lars Dahlgren, Swedish Match President and CEO. “The smokefree category has demonstrated substantial growth in Sweden and Norway over a number of years and we believe that smokefree tobacco products, and especially Swedish Snus, have potential outside of their current markets.”
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