Altria, parent company of Phillip Morris of Marboro fame, has agreed to buy e-cigarette manufacturer Green Smoke for $110 million.
“Bottom line, we agree and believe that Altria can leverage its sales force, retailer relationships, and marketing expertise to quickly bring broader distribution to Green Smoke. From a regulatory perspective, this acquisition may put further pressure on the FDA to regulate e-vapor products as they become increasingly more mainstream.”
–Bonnie Herzog, Wells Fargo
The acquisition, expected to complete in the second quarter of this year, signals a move by Altria to grab a larger piece of the e-cigarette market. Altria has moved somewhat slowly into e-cigarettes, lagging behind competitors RJ Reynolds and Lorillard in getting a product out to consumers.
Green Smoke’s total revenue last year was about $40 million, compared to $24.5 billion for Altria.
Altria to Buy E-Cigarette Maker Green Smoke – WSJ.com
Altria to Buy Green Smoke
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