Major Tobacco Companies

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Philip Morris International (PMI): Headquartered in Stamford, Connecticut, USA and listed on the New York Stock Exchange (NYSE: PM). PMI is the largest publicly traded tobacco company with a global workforce of 82,700. PMI operates in 180 markets and sells ~740 billion sticks (~37Bn packs) per year, generating $35.1 billion in net revenues. PMI owns 5 of the world’s top 15 cigarette brands – including the global market leader, Marlboro (outside the US), L&M, Parliament, Virginia Slims and Chesterfield. PMI’s brand portfolio also contains smoke-free product brands VEEV (e-vapor), IQOS (heated tobacco) and ZYN (modern oral).

Since 2008, PMI has invested over $12.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products. In 2022, PMI acquired Swedish Match, a leader in oral nicotine delivery. As of December 31, 2023, PMI’s smoke-free products were available for sale in 84 markets and PMI estimates that 33 million adults around the world use PMI’s smoke-free products. As of March 31, 2024, 39% of PMI’s total net revenues came from smoke-free products. By 2030, PMI’s ambition is to increase that figure to over two-thirds with the ultimate goal of phasing out cigarettes completely.

PMI announced in February 2021 its ambition to expand into wellness & healthcare areas and acquired Vectura and Fertin Pharma. 

British American Tobacco (BAT): Headquartered in London, UK and listed on the London Stock Exchange (LSE: BATS). Founded in 1902, BAT employs 46,000+ people globally and operate across three regions: Americas & Europe (AME), Asia Pacific, Middle East & Africa (APMEA) and the US. BAT’s main combustible brands are Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans outside the US and Newport, Natural American Spirit and Camel in the US. BAT’s brand portfolio also contains non-combustible product brands Vuse (e-vapor), glo (heated tobacco), Velo (modern oral) and Grizzly (traditional oral).

BAT defined its corporate purpose as to create “A Better Tomorrow” – that is to say, building a smokeless world where smokers “Switch to Better” by migrating from cigarettes to smokeless alternatives. BAT’s ambition is to have 50 million consumers of our non-combustible products by 2030 and to accelerate the growth of New Category revenues at a faster rate than the total total revenue, reaching £5 billion in 2025, and to become a predominantly smokeless business, with 50% of revenue in non-combustibles by 2035. By the end of 2023, BAT’s e-vapour products, heated tobacco, and modern oral products are available in 63, 31 and 34 markets, respectively.

Altria: Headquartered in Richmond, Virginia, USA and listed on the New York Stock Exchange (NYSE: MO). Altria has a leading portfolio of tobacco products for US tobacco consumers. In combustibles, Altria own Philip Morris USA, the maker of Marlboro cigarettes (in the US only) and John Middleton, manufacturer of Black & Mild cigars. Altria’s smoke-free portfolio includes ownership of US Smokeless Tobacco (UST) Company, the maker of Copenhagen and Skoal, Helix Innovations, the maker of on! oral nicotine pouches and NJOY, maker of NJOY ACE. Additionally, Altria have a majority-owned joint venture with Japan Tobacco, Horizon Innovations, for the marketing and commercialization of heated tobacco stick products in the US. Altria’s equity investments include Anheuser-Busch InBev, the world’s largest brewer and Cronos Group, a Canadian cannabinoid company.

Altria employs 6,400 people (97% residing in the US) and serves more than 300,000 retailers across the 50 US states. Moreover, Altria has in place direct contracts with 1,050 tobacco growers in the US. In 2023, Altria generated US$24.5 billion in net revenues and paid US$4 billion in excise taxes as well as US$3.7 billion in charges to state settlement agreements.

Imperial Brands: Headquartered in Bristol, UK and listed on the London Stock Exchange (LSE: IMB). Imperial Brands has a presence in around 120 countries, employing 25,000 people, and acts as the holding company for business entities such as Imperial Tobacco, Reemtsma, Altadis, Seita and ITG Brands.

Imperial’s business strategy focuses on top five markets of the UK, USA, Germany, Spain and Australia. Imperial’s main combustible brands are Davidoff, West, Gauloises, JPS, Lambert & Butler, Fortuna, Nobel, News outside the US and Winston and Kool in the US. Imperial’s brand portfolio also contains non-combustible product brands blu & myblu (e-vapor), Pulze (heated tobacco) and Zone X (modern oral). By 2024, Imperial’s smoke-free products are available in more than 20 European markets as well as in the USA.

Japan Tobacco (JT): Headquartered in Tokyo, Japan and listed on the Tokyo Stock Exchange (TSE: 2914). In addition to the tobacco business, JT Group owns pharmaceutical and processed food businesses; nevertheless, tobacco generates 91% of the group revenue. JT has presence in over 130 markets, employing 53,200 people.

Established in 1985 with the transfer of right to monopolize and manufacture cigarettes from the Japan Tobacco and Salt Public Corporation, JT has grown through international acquisitions – including RJR Nabisco’s non-US tobacco operations in 1999 (later to be known as Japan Tobacco International), Gallaher in 2007 and Natural American Spirit business outside the US in 2016.

JT’s main combustible portfolio consists of more than 100 brands including the 4 “Global Flagship Brands (GFBs)”, Winston, Camel, Mevius and LD, as well as Benson & Hedges, Silk Cut, American Spirit and Sobranie. JT’s brand portfolio also contains non-combustible product brands Logic (e-vapor), Ploom (heated tobacco) and Nordic Spirit (modern oral).

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