PHILIP Morris plans next year to enter the electronic cigarette business, a $2bn-plus global market identified by the maker of Marlboro cigarettes as its “greatest growth opportunity.”
Speaking to investors in New York, chief executive Andre Calantzopoulos said the firm would enter the e-cigarette business in the second half of 2014 to tap fast-growing demand for a less harmful alternative to cigarettes. The world’s largest listed tobacco company will launch a new range of products, called “Reduced-Risk”, Calantzopoulos said.
The company, which sells to countries outside the United States, will also spend more on research and development.
“2014 will be a key investment year behind our reduced-risk products, our greatest growth opportunity in the years to come,” he said.
City A.M. Reporter