Shortcut to Body Shortcut to main menu

Investment News

  • Home
  • About Us
  • Newsroom
  • Investment News
KT&G partners with PMI for e-cigarette presence in global markets

According to Yonhap News,

SEOUL, Jan. 29 (Yonhap) -- KT&G Corp., South Korea's dominant tobacco company, said Wednesday it has partnered with Philip Morris International Inc. to begin the sale of its e-cigarettes in global markets.

KT&G and PMI have signed a three-year supply contract in which the former will distribute its e-cigarette product line Iil through the latter's sales networks, the company said in a statement.

"We are excited to enter into this agreement with KT&G. We are able to bring PMI's resources, knowledge and infrastructure as we leverage KT&G's smoke-free products. Our agreement will benefit adult smokers by providing a wide array of better choices," PMI Chief Executive Andre Calantzopoulos said in the statement.

The products include three existing heat-not-burn products -- lil Hybrid, lil Plus and lil Mini -- and an e-vapor product, lil Vapor, it said.

The two companies are considering using PMI's IQOS and KT&G's lil brand names altogether in products to be sold overseas, a company spokesman said.

For the January-September period, KT&G's net profit jumped 19 percent to 920 billion won (US$781 million) from 772 billion won a year earlier on the back of strong overseas sales.

Its earnings results for 2019 will be released next month.

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (Jan. 29, 2020)

Meta information