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Philip Morris International or PMI (New York Stock Exchange:PM) enters into a long-term collaboration with KT&G, the South Korean tobacco and nicotine manufacturer, to continue to market KT&G’s innovative smoke-free consumables and devices exclusively worldwide (excluding South Korea).
it’s based on three years of successful collaboration that have seen PMI market KT&G products in more than 30 markets. The agreement covers fifteen years, until January 29, 2038.
Products sold under the agreement will be subject to evaluation to ensure they meet regulatory requirements in the market where they are launched.
“Since we began our transformation, millions of smokers have switched to our smoke-free products and have quit smoking altogether. KT&G’s small products play a complementary role to IQOS, the world’s leading product that heats without burning, and our continued collaboration will give adult smokers around the world more options to leave cigarettes behind. Korea is a world leader in science and innovation, and today marks an important milestone that clears the way for a better future. With KT&G’s technology and speed of innovation and PMI’s scientific and commercial infrastructure, we believe our partnership will accelerate our shared vision of a smoke-free future.” said Jacek Olczak, CEO of PMI.
