SWMAY - Philip Morris in takeover talks with Swedish smokeless tobacco giant

Philip Morris International Inc. (NYSE:PM) is poised to purchase sub-labial tobacco stalwart Swedish Match AB (OTCPK:SWMAY), per a statement from the latter company. The Stockholm-based tobacco company that traces its lineage back to “match king” Ivar Kreuger is a leader in snus, a smokeless tobacco product that has long been popular across the Nordic countries. In recent years, the product has grown significantly in the US as well alongside nicotine pouches and other smokeless options. According to Statista, snus sales have grown from under $10 million in 2008 to about $180 million in 2020. Such a growth trajectory dovetails well with Philip Morris’ (PM) stated goal of phasing out combustible tobacco products. “Our ambition to become a majority smoke-free business by net revenues in 2025 remains intact,” CEO Jacek Olczak said in the company’s April 25 earnings call. “We remain confident in the rapid pace of our transformation.” The confirmation of talks

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Philip Morris in takeover talks with Swedish smokeless tobacco giant