Philip Morris Opens Facility To Make Lower-Risk Products
Zacks Investment Research | Sep 25, 2016 10:24PM ET
Tobacco giant Philip Morris International Inc. (NYSE:PM) inaugurated the first-of-its-kind manufacturing facility for the large scale production of two of its non combustible reduced risk tobacco products. The facility with an investment of €500 million has an initial production capacity of 30 billion units annually. This venture also marks Philip Morris' initiative to shift focus toward the growing alternative tobacco product category to counter dwindling cigarette shipments volumes.
The manufacturing hub, located at Bologna, Italy will currently employs over 300 people and will have the capacity to employ up to 600 employees when fully operational.
Philip Morris is focusing on less harmful tobacco products in order to cater to growing demand for low-risk, smokeless tobacco products. The company has considerable presence in the unconventional tobacco products category. In this regard, Philip Morris launched a set of Next Generation Products in early 2015 to attract adult consumers while reducing the risks related to tobacco products.
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