22 Jun 2021 ·5 min read
The move, welcomed by Connecticut’s Governor Ned Lamont, will boost the state’s economy with approximately 200 new jobs.
Philip Morris International has announced the relocation of its corporate headquarters to Connecticut from New York.
The move, facilitated with the support of Connecticut Governor Ned Lamont’s office, will bring approximately 200 jobs to the state—providing a boost to the local economy.
Our new corporate headquarters—which plays a critical role in our mission to create a smoke-free future—is expected to be operational by the end of 2022.
Jacek Olczak, CEO of PMI, said: “Connecticut offers a valuable mix of technological know-how, future-forward thinking, and an open-minded approach to problem-solving.
“We consider it an ideal location for our new U.S. head office, where we will be working to more quickly achieve our vision of a smoke-free future. We are excited about what the state has to offer our company, our employees, and their families—and we very much look forward to integrating into the community in a meaningful way.”
Through our product innovations, sustainability leadership, people-centered employment practices, and community involvement, we intend to be a source of pride for the state.
Jacek Olczak, CEO of PMI
Source of pride for Connecticut
Mr. Olczak believes the relocation will drive the innovation central to our smoke-free ambitions, adding: “We are amid a profound transformation at PMI, and our new base in Connecticut will serve to accelerate our progress.
“Beyond replacing cigarettes with better alternatives, we intend to draw on our expertise in life and medical sciences to develop solutions in areas that include respiratory drug delivery and botanicals.
“Through our product innovations, sustainability leadership, people-centered employment practices, and community involvement, we intend to be a source of pride for the state.”
The new office will house the Americas teams and members of other corporate functions. PMI’s Operations Center will remain in Lausanne, Switzerland, to continue to support the business across the globe. We employ a workforce of more than 71,000 worldwide.
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Economic investment and recovery after COVID-19
Commenting on the move, Connecticut Governor Ned Lamont said: “We are excited to welcome PMI to the State of Connecticut, showing once again that our state is a growing and thriving ecosystem for businesses.
“They recognize what we’ve been saying for years: Connecticut is a wonderful place to raise a family and a competitive place to conduct business.
“I am also impressed by their culture and desire to integrate closely into the communities in which they operate, and we look forward to seeing their active and charitable contributions to our state.”
Connecticut Democrat Representative Jim Hines said it would provide a welcome boost to the local economy: “Philip Morris International’s move to Southwest Connecticut will bring approximately 200 good-paying jobs that will boost our economy and augment the tax base which funds our schools, infrastructure, and essential community services.
“As our area recovers from COVID-19, I’m pleased to see new economic investment in our community, and thank Governor Lamont for his laser-like focus.”
Change in leadership
As part of the move, PMI is restructuring its operation in the Americas—with Deepak Mishra becoming President, Americas Region* and Martin King retiring from his role as CEO, PMI America.
Mr. Mishra, our former Chief Strategy Officer, will assume this newly created position in the region—covering the U.S., Canada, and Latin America—on July 1, 2021.
The restructuring will focus on three key areas:
- Strengthening our leadership in Latin America and Canada as we accelerate toward a smoke-free future.
- Advancing our work with partners to commercialize reduced-risk products in the U.S.
- Developing a platform for the company’s “beyond nicotine” strategy in the U.S., in coordination with PMI’s Life Sciences group, through expanded partnerships and commercial deployment.
Martin King
Deepak Mishra
“A visionary and a pragmatist”
Speaking about Mr. Mishra’s appointment, Mr. Olczak said: “I am thrilled to name Deepak Mishra, one of our top business leaders, to one of the most important roles for the future of our company.
“In less than three years with PMI, he has been instrumental in shaping our long-term strategy and bringing it to life through strategic partnerships and investments.
“Deepak brings to the role deep expertise in mergers and acquisitions, a likely component of our beyond nicotine strategy. He is both a visionary and a pragmatist, and I have high expectations for—and full confidence in—what he will accomplish in his new role.”
Mr. Olczak praised the outstanding achievements of Mr. King, who has been with PMI since 2003: “We are deeply grateful to Martin King for his many years and many accomplishments at PMI, and for the impact he has had in the U.S. in the year he spent getting the market ready for the push we plan to make in bringing both reduced-risk and, eventually, beyond nicotine products to consumers.
“Martin is an outstanding business leader and colleague, and we wish him the very best in the years to come.”
Driving progress
PMI is widely recognized as a top employer and a leader in gender equity, equitable pay, and environmental, social, and corporate governance (ESG) measures. Our recognitions include:
- Becoming the first international company to achieve global EQUAL-SALARY certification
- Being included in the 2021 Bloomberg Gender-Equality Index
- Certified Global Top Employer for five consecutive years by the Top Employers Institute
- Ranked on CDP’s A List for climate change for seven years in a row
- Included in the Dow Jones Sustainability Index North America
- Awarded CDP’s “triple-A” score in 2020 for efforts to combat climate change, and for the protection of forests and water security
Transforming to deliver a smoke-free future
Since 2016, PMI has undergone a major business transformation. We are aiming to replace cigarettes and other combustible tobacco products with smoke-free alternatives that, while not risk-free, are scientifically substantiated to be a better choice than continued smoking.
PMI is committed to a smoke-free future, and our noncombustible products already accounted for nearly 30 percent of net revenues in the first quarter of 2021.
Building on this progress, we have accelerated our ambitions—and now aspire to be a majority smoke-free company in terms of net revenues by the end of 2025.
The potential public health impact of PMI’s scientifically substantiated smoke-free products is increasingly being recognized by governments and public health authorities.
In the U.S., the Food and Drug Administration (FDA) has issued marketing authorizations for IQOS, PMI’s electronically heated tobacco system.
In July 2020, the FDA authorized the IQOS 2.4 system as a modified risk tobacco product (MRTP), concluding that issuing exposure modification orders for the system is “appropriate to promote the public health” and is “expected to benefit the health of the population as a whole.”
The agency is now conducting a scientific review of the company’s MRTP application for the IQOS 3 system, which was authorized for sale in the U.S. in December 2020.
Globally, as of March 31, 2021, an estimated 14 million adults have switched to IQOS and stopped smoking.
* Deepak Mishra retired from his role at PMI in January 2023.
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FAQs
Philip Morris International relocates corporate headquarters to Connecticut to accelerate its smoke-free ambitions? ›
Philip Morris International relocates corporate headquarters to Connecticut to accelerate its smoke-free ambitions. The move, welcomed by Connecticut's Governor Ned Lamont, will boost the state's economy with approximately 200 new jobs.
Where is Philip Morris moving to in Connecticut? ›Philip Morris International announces new Corporate Headquarters will be located in Stamford, Connecticut. The move, expected in Summer 2022, will bring around 200 jobs, a cutting-edge innovation center, and many other benefits to the U.S. state.
Where is Philip Morris cigarettes headquarters? ›Philip Morris USA's headquarters, offices, manufacturing facilities and employees are located primarily in Richmond, Va.
Where is Philip Morris International headquarters in the US? ›The company's legal seat is in Stamford, Connecticut, but it does not operate in the United States of America. Philip Morris USA, a subsidiary of PMI's former owner American parent Altria group, owns the Philip Morris brands there. PMI's operational headquarters are in Lausanne, Switzerland.
What is the difference between Altria and Philip Morris? ›Both companies own the most popular tobacco brand in the world, namely Marlboro. The only difference is that Altria is present only in the U.S. whereas Philip Morris sells its products exclusively in international markets, outside the U.S. The big question is which of the two companies is more attractive.
Is Philip Morris moving away from cigarettes? ›The goal by 2025, the company declared, was to get at least 40 million of its adult customers to stop smoking and switch to one of the alternatives, with the goal, ultimately, of achieving a “smoke-free future.” Last month, the company released a lengthy report touting its progress since 2016.
Is Philip Morris moving away from tobacco? ›Now we've made the decision to go smoke-free.
We are building PMI's future on smoke-free products that—while not risk-free—are a far better choice than cigarette smoking. Indeed, our vision—shared by all at PMI—is that these products will one day replace cigarettes.
The biggest tobacco company in the USA is Philip Morris International. Although it operates out of Switzerland, Philip Morris is headquartered in Stamford, Connecticut, making it the largest tobacco company in the USA.
Who owns the biggest cigarette company in the world? ›The United States-based Philip Morris International Inc is the world's leading tobacco company by market cap (as of Mar 31, 2023). The company reported revenues of $31,762 million for the fiscal year ended December 2022 (FY2022), an increase of 1.1% over FY2021.
What is the biggest cigarette company in the world? ›China National Tobacco Corp is the largest tobacco company in the world (by sales). It generated sales of $2,200,550 million in the year 2021 (FY2021). The company produces flue-cured tobacco, cigarettes, and other tobacco-related products. It also carries out import and export businesses.
How much does Philip Morris USA pay? ›
Average Philip Morris International hourly pay ranges from approximately $13.84 per hour for Administrative Assistant to $21.35 per hour for Office Manager.
Where do they make Marlboro cigarettes? ›Marlboro's largest cigarette manufacturing plant is located in Richmond, Virginia.
What happened to Philip Morris company? ›On January 27, 2003, Philip Morris Companies Inc. changed its name to Altria Group, Inc. Even under this new name, Altria continues to own 100% of Philip Morris USA (abbreviated PM USA).
Who owns the most Altria stock? ›The company's largest shareholder is The Vanguard Group, Inc., with ownership of 9.0%. The second and third largest shareholders are Capital Research and Management Company and BlackRock, Inc., with an equal amount of shares to their name at 7.1%.
How much of Philip Morris does Altria own? ›A merger with Philip Morris would help Altria fuel Juul's international expansion, and make iQOS even more economical in the U.S. The deal, which has long been speculated about by analysts and investors, would give Philip Morris approximately 58% ownership of the combined company, while Altria would own the other 42%.
Does Altria have a lot of debt? ›Altria long term debt for 2022 was $25.124B, a 6.74% decline from 2021.
Who is the oldest cigarette smoker alive? ›Cigarette smoking Brazilian man may be world's oldest person at 126 years old. All things considered, Jose Aguinelo dos Santos is a pretty lively Brazilian man. He walks without a stick, has no known health problems, smokes a pack of cigarettes a day, and is still a childless bachelor, according to reports.
How much does it cost Philip Morris to make a pack of cigarettes? ›Manufacturing costs of a pack of cigarettes are ridiculously low. According to an annual report from Philip Morris (2012), it costs the company 26 cents to manufacture one pack of Marlboro Gold.
Does Phillip Morris sell cigarettes in China? ›Philip Morris International (PMI) has the biggest presence in the limited market available to overseas tobacco companies in China. It signed an agreement with the CNTC in 1994 to allow the manufacture and sale of the Marlboro brand.
Does Biden want to remove nicotine from cigarettes? ›The Biden administration said Tuesday it plans to develop a rule requiring tobacco companies to reduce nicotine levels in cigarettes sold in the United States to minimally or nonaddictive levels, an effort that, if successful, could have an unprecedented effect in slashing smoking-related deaths and threaten a ...
What is the longest running tobacco company? ›
Lorillard Company, oldest tobacco manufacturer in the United States, dating to 1760, when a French immigrant, Pierre Lorillard, opened a “manufactory” in New York City.
What does Philip Morris own besides cigarettes? ›In combustibles, we own Philip Morris USA, the maker of Marlboro cigarettes and John Middleton, manufacturer of Black & Mild cigars. Our smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company, the maker of Copenhagen and Skoal, and Helix Innovations, the maker of on! oral nicotine pouches.
What is the number one selling cigarette in America? ›According to 2017 sales data, Marlboro is the most popular cigarette brand in the United States, with sales greater than the next seven leading competitors combined. The three most heavily advertised brands—Marlboro, Newport, and Camel—continue to be the preferred brands of cigarettes smoked by young people.
What is the richest cigarette brand? ›The world's largest transnational tobacco companies are known as the Big 4, which include Philip Morris International Inc. (NYSE:PM), British American Tobacco p.l.c. (NYSE:BTI), Japan Tobacco Inc. (TYO:2914), and Imperial Brands PLC (LON:IMB).
Which country smokes the most? ›- The micro Pacific Ocean island state of Nauru has the highest smoking rate in the world, with 52.10 % of the population being smokers. ...
- Another Micronesian State, Kiribati, is just behind Nauru, with the highest percentage of smokers in the world at 52%.
Philip Morris Cos. is renamed The Altria Group Inc., and remains the parent company of Kraft Foods Inc., Philip Morris International, Philip Morris USA and Philip Morris Capital Corporation.
What are the ethical issues with Philip Morris? ›Specific concerns raised by Philip Morris included an increasingly negative media climate, boycott actions by groups such as INFACT, the drag of litigation risk on non-tobacco operating companies, conflicts between tobacco and non-tobacco companies under the Philip Morris corporate umbrella, declining employee morale ...
Where does Philip Morris get their tobacco? ›Tobacco is the core component of our products. The three tobacco types are Virginia, burley and oriental. These tobaccos are grown in over 30 countries including Argentina, Brazil, China, Greece, Italy, Malawi, Mozambique, Spain, Tanzania, Turkey, and the United States.
What tobacco does Marlboro use? ›Marlboro cigarettes are characterised by their precisely coordinated blends of different tobaccos. Marlboro uses a blend of Virginia, Burley and Oriental tobacco for its unique taste experience.
Which cigarette is best quality? ›- 1 Marlboro. Marlboro is my favorite brand, its not a brand of cigarette, it's a lifestyle. ...
- 2 Camel. ...
- 3 Lucky Strike. ...
- 4 Pall Mall. ...
- 5 Newport. ...
- 6 Winston. ...
- 7 Kool. ...
- 8 Benson & Hedges.
Who invented cigarettes? ›
The factory process consisted of hand rolling on a table, pasting, and hand packaging. In 1880 James A. Bonsack was granted a U.S. patent for a cigarette machine in which tobacco was fed onto a continuous strip of paper and was automatically formed, pasted, closed, and cut to lengths by a rotary cutting knife.
How much does a US servant get paid? ›| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $41,000 | $20 |
| 75th Percentile | $36,500 | $18 |
| Average | $32,114 | $15 |
| 25th Percentile | $28,000 | $13 |
The average house maid salary in the USA is $30,225 per year or $14.53 per hour.
Where does Philip Morris rank in the world? ›The Philip Morris brand is PMI's fourth-largest international brand with a volume of 46 billion cigarettes in 2020, and is sold in over 40 markets. Parliament is PMI's fifth-largest international brand, and the 14th-largest cigarette brand in the world.
Are Marlboro cigarettes made in China? ›Licensed production of Marlboro in China began in August 2008 at two Chinese cigarette factories. The brand is distributed throughout the country. Since 2008, Chinese brands, under cooperation, have been launched and distributed in international markets, including the Czech Republic, and Poland.
Are any cigarettes made in the USA? ›We offer an extensive line of quality tobacco products proudly made in the USA, including Liggett Select, Quest, Eve, Jade, and Pyramid. Liggett Group, Inc. has been a North Carolina-based manufacturer of high quality cigarette brands for more than 100 years.
Where are the most cigarettes made? ›Tobacco production is mainly concentrated in areas with a mild and sunny climate, which is suitable for cultivating tobacco plants. The leading tobacco producing states in the U.S. include North Carolina, Kentucky, and Tennessee.
Do cigarettes expire? ›Once the expiration date has passed, the product should not be consumed. The preferred consumption date (PCD) applies to products that are much more durable and that are stable.
Is Philip Morris in debt? ›Philip Morris long term debt for 2022 was $34.875B, a 40.72% increase from 2021.
Who owns the most Phillip Morris stock? ›Philip Morris International (NYSE: PM) is owned by 77.47% institutional shareholders, 0.54% Philip Morris International insiders, and 21.99% retail investors. Vanguard Group Inc is the largest individual Philip Morris International shareholder, owning 135.51M shares representing 8.73% of the company.
Who is Altria owned by? ›
(previously known as Philip Morris Companies, Inc.) is an American corporation and one of the world's largest producers and marketers of tobacco, cigarettes and related products. It operates worldwide and is headquartered in Henrico County, Virginia, just outside the city of Richmond. Altria Group, Inc.
What is the target for Altria stock? ›Stock Price Forecast
The 14 analysts offering 12-month price forecasts for Altria Group Inc have a median target of 49.50, with a high estimate of 70.00 and a low estimate of 37.00. The median estimate represents a +11.69% increase from the last price of 44.32.
Our family of companies includes Philip Morris USA; U.S. Smokeless Tobacco Company; John Middleton and Helix Innovations. While our companies have evolved over the years, our success is still firmly rooted in our companies' ability to understand changing consumer preferences and societal views toward tobacco.
Does Altria own Budweiser? ›Altria has held its stake of 185 million shares, or about 9%, of Anheuser-Busch since 2016 when the beer giant bought South African company SABMiller, in which Altria owned a large interest, which it had gleaned after selling the Miller beer business to SABMiller 20 years ago.
Which is the better dividend stock Altria or Philip Morris International? ›Altria's stock is dirt cheap for obvious reasons
It also pays a massive forward dividend yield of 8.5%. By comparison, PMI's stock trades at 16 times forward earnings and pays a lower forward yield of 5.6%.
The financial health and growth prospects of MO, demonstrate its potential to outperform the market. It currently has a Growth Score of A. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of D.
Is Altria a safe stock to buy? ›Altria (MO 0.23%) and Target (TGT -2.17%) both have reputations as safe dividend stocks for conservative investors. Altria, the largest tobacco company in the U.S., has raised its dividend every year since it spun off its international unit as Philip Morris International (PMI) in 2008.
What company owes the most debt? ›- Volkswagen AG. ...
- Verizon Communications. ...
- Deutsche Bank. ...
- Ford Motor Company. ...
- Softbank. ...
- AT&T. ...
- Deutsche Telekom AG. ...
- Électricité de France.
| Rank | Company | Debt (billions of US$) |
|---|---|---|
| 1 | AT&T | 139 |
| 2 | Volkswagen AG | 136 |
| 3 | Verizon Communications | 126 |
| 4 | Toyota | 119 |
Energy drink company Red Bull announced plans Tuesday to build a new manufacturing facility in partnership with can filling company Rauch at the former Philip Morris plant site near downtown Concord. The new facility will take up about 2 million square feet at the facility, now named The Grounds at Concord.
Who bought Philip Morris? ›
Philip Morris Cos. is renamed The Altria Group Inc., and remains the parent company of Kraft Foods Inc., Philip Morris International, Philip Morris USA and Philip Morris Capital Corporation.
How many cigarette brands does Philip Morris own? ›| Type | Subsidiary |
|---|---|
| Area served | United States |
| Products | Cigarettes |
| Brands | Marlboro Chesterfield L&M Philip Morris Virginia Slims Merit Parliament Alpine Basic Cambridge Bucks Dave's |
| Parent | Altria Group |
Altria was created because Philip Morris wished to emphasize that its business portfolio had come to consist of more than Philip Morris USA and Philip Morris International; at the time, it owned an 84% stake in Kraft, although that business has since been spun off.
What is being built across from Philip Morris in Concord NC? ›Pharmaceutical giant Eli Lilly and Co. announced Friday it would invest $1 billion and create 589 jobs at The Grounds at Concord.
Why did the Philip Morris company change its name? ›The New York-based company, which proposed the new name in November 2001, said it wanted the parent company's name to better reflect the difference between the parent company and the operating units. The name Altria was coined from "altus" - the Latin word for "high".
Does Philip Morris still own Marlboro? ›Marlboro (US: /ˈmɑːlˌbʌroʊ/, UK: /ˈmɑːrlbərə, ˈmɔːl-/) is an American brand of cigarettes, currently owned and manufactured by Philip Morris USA (a branch of Altria) within the United States and by Philip Morris International (now separate from Altria) outside the US.
How much does the CEO of Philip Morris make? ›Philip Morris International's CEO is Jacek Olczak, appointed in May 2021, he has a tenure of 2.08 years. His total yearly compensation is $15.78M , comprised of 9.3% salary and 90.7% bonuses, including company stock and options. He directly owns 0.018% of the company's shares, worth CHF23. 06M.
What is the number 1 cigarette in the world? ›MARLBORO. The #1 CIGARETTE BRAND SINCE 1972.
What is the number 1 selling cigarette? ›According to 2017 sales data, Marlboro is the most popular cigarette brand in the United States, with sales greater than the next seven leading competitors combined. The three most heavily advertised brands—Marlboro, Newport, and Camel—continue to be the preferred brands of cigarettes smoked by young people.
Does Philip Morris own Juul? ›Altria Group (formerly Philip Morris Companies), acquired a 35% stake in Juul Labs for $12.8 billion on December 20, 2018. Altria is the largest tobacco company in the United States.
Does Philip Morris own Miller beer? ›
In 2002, South African Breweries bought Miller from Philip Morris for $3.6 billion worth of stock and $2 billion in debt to form SABMiller, with Philip Morris retaining a 36% ownership share and 24.99% voting rights.
Who are Philip Morris largest shareholders? ›Philip Morris International (NYSE: PM) is owned by 77.48% institutional shareholders, 0.54% Philip Morris International insiders, and 21.98% retail investors. Vanguard Group Inc is the largest individual Philip Morris International shareholder, owning 135.51M shares representing 8.73% of the company.