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Jump to full article: ABS-CBN Broadcasting Corporation (ph), 2010-02-27
Author: Jessica Anne D. Hermosa, BusinessWorld
Intro: Homegrown cigarette maker Fortune Tobacco Corp. will now share nearly all its operations with the Philippine unit of Philip Morris International under a new company in which both firms have equal stakes, executives said in a press briefing yesterday.
The merged firm dubbed PMFTC, Inc. will absorb operations of the two firms which are geared towards the domestic market, as well as Fortune Tobacco's export business, the officials said.
Both firms will maintain separate operations in the meantime but are studying the possibility of sharing factories and slashing redundant jobs, Philip Morris Philippines Manufacturing, Inc. managing director Chris J. Nelson said.
"This is not a merger where one company disappears and another remains," Mr. Nelson said.
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