Philip Morris to buy Swedish Match South Africa 

Philip Morris International Inc. said Thursday it has agreed to buy Swedish Match AB's South African operations for 1.75 billion South African rand, or roughly $222 million.

Swedish Match South Africa Ltd. reported sales of 687 million South African rand last year. Its brands include Boxer, Best Blend and Taxi.

Philip Morris estimated that Swedish Match South Africa's pipe tobacco and snuff products represent about 31 percent of total tobacco consumption in South Africa.

In a statement, Jean-Claude Kunz, president of Philip Morris' Eastern Europe, Middle East and Africa region, said the deal "represents an excellent strategic fit for our business in South Africa," which he called an "important market."

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