Philip Morris International announced Wednesday its acquisition of an indirect minority stake of 14.7% in the Egyptian company Eastern Company, which is the largest cigarette manufacturer in Egypt and also offers other products including cigars and pipe tobacco.
Philip Morris said in a statement that it seeks to discuss with Eastern Company the potential strategic areas for long-term mutual cooperation in the fields of technology, manufacturing and innovation, including heated tobacco products, which would pave the way towards ... A smoke-free future in Egypt.
Fred de Wilde, President of the Middle East, Africa, South Asia, Southeast Asia and Commonwealth Countries at Philip Morris, said, “We look forward to exploring potential areas of cooperation with the Eastern Company, including opportunities to provide better cigarette options to adult smokers in Egypt.”
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