Philip Morris International Acquires 14.7% Stake In Egypt-Based Eastern Company; Plans To Explore Strategic Collaboration In Technology, Manufacturing, And Innovation, Including Heated Tobacco Products
Portfolio Pulse from Benzinga Newsdesk
Philip Morris International (PM) has acquired a 14.7% stake in Egypt-based Eastern Company. The acquisition aims to explore strategic collaboration in technology, manufacturing, and innovation, including heated tobacco products.
May 22, 2024 | 1:53 pm
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Philip Morris International has acquired a 14.7% stake in Egypt-based Eastern Company to explore strategic collaboration in technology, manufacturing, and innovation, including heated tobacco products.
The acquisition of a significant stake in Eastern Company indicates a strategic move by Philip Morris International to expand its technological and manufacturing capabilities, particularly in the area of heated tobacco products. This could lead to increased innovation and market share, positively impacting PM's stock price in the short term.
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