| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Philip Morris International Inc (NYSE:PM) has announced a $600 million investment through one of its U.S. affiliates to establish a manufacturing facility in Aurora, Colorado.
The new plant, expected to create 500 direct jobs and generate $550 million in annual economic impact, will also add 1,000 indirect jobs as it produces Swedish Match ZYN nicotine pouches to meet the rising demand for smoke-free products among legal-age consumers.
PMI aims to shift adult smokers in the U.S. away from traditional cigarettes by enhancing its U.S. manufacturing capabilities.
PMI Americas President and U.S. CEO Stacey Kennedy said, “We believe Colorado is likeminded in its commitment to innovation, economic opportunity and public health, and we’re eager to work with the state and its talented workforce as we expand our U.S. manufacturing presence.”
The new facility is scheduled to break ground later this year, with operations starting by the end of 2025 and full production in 2026.
Also Read: Swedish Match North America Subpoenaed Over DC Flavored Sales
The construction phase will create nearly 5,000 jobs, contributig nearly $1 billion to the economy. The facility will offer various career opportunities, including engineering, production, technical, and quality control positions, with an average annual salary of approximately $90,000.
PMI’s Swedish Match North America division is also ramping up production at its Owensboro, Kentucky facility.
PMI entered the U.S. market after acquiring Swedish Match in late 2022. ZYN pouches offer a smoke-free alternative for legal-age nicotine users and have been available in the U.S. for over a decade.
PMI said its U.S. affiliates follow strict marketing practices, ensuring access is limited to adults 21 and older. They do not use social media influencers under 35 and employ age-verification systems like “Double Verify” to restrict digital advertising to the legal-age audience.
Philip Morris stock has gained more than 7% in the last 12 months. Investors can gain exposure to the stock via Consumer Staples Select Sector SPDR Fund (NYSE:XLP) and Vanguard Consumer Staples ETF (NYSE:VDC).
Price Action: PM shares traded higher by 0.80% at $105.92 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
