Altria shifts to smoke free alternatives for product diversification and compliance
Altria’s Copenhagen and Skoal smokeless tobacco products yield over $1 billion at retail. In 2021, Altria acquired on! nicotine pouches for approximately $250 million. In 2018, the company invested $12.8 billion in e-vapor company Juul. These investments reduce reliance on the cigarette subsidiary Phillip Morris while attracting a variety of new customers. As the world campaigns against cigarette smoking, investment in alternatives yields large potential revenues and poses public relations risk. Health concerns for these products, particularly growing among young consumers, and increasing industry consolidation has prompted backlash from regulators.
Balance Sheet|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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