logo
Plus   Neg
Share
Email

Altria To Buy Burger Sohne's Global Businesses For $372 Mln; Bets On Nicotine Pouches

Altria Group Inc. (MO), the manufacturer of Malboro cigarettes, said that it agreed to buy 80 percent ownership interest in Switzerland tobacco company Burger Söhne Holding's global business for $372 million in cash. The acquisition marks Altria's entry into the fast-developing oral tobacco-derived nicotine or TDN category.

Now Altria will commercialize Burger Group's On! nicotine pouch worldwide.

Altria expects to complete the transaction in the second half of 2019.

Altria formed a new subsidiary, Helix Innovations, that upon closing, will be the parent company of the Burger Group subsidiaries currently manufacturing and selling on!.

As per the deal, Altria will distribute on! across the U.S. in advance of the transaction closing.

It was in March that Altria took stake in the Canada-based cannabinoid company Cronos Group. Last December it had also made investments in E-Cigarette maker JUUL Labs.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Cargill, a privately-held food and agriculture company, said Monday it will launch new private label plant-based patties and ground products in order to meet the growing global demand for protein. The new products will hit retailers and restaurants in early April. Cargill said that the plant-based protein products were developed through extensive consumer research and innovation. Taro Pharmaceuticals U.S.A., Inc., the U.S.-based business of Israeli Pharma firm Taro Pharmaceutical Industries, Ltd., recalled certain lots of seizure medication Phenytoin in the form of oral suspension for potential underdosing or overdosing, the U.S. Food and Drug Administration said in a statement. The company found that the oral suspension may not re-suspend when shaken. The Federal Trade Commission (FTC) is in the process of sending out refund checks to consumers who were allegedly misled by Office Depot, Inc. and its software provider Support.com, Inc., into buying computer repair products and services. Out of $34 million, being the total amount of checks, Office Depot paid $25 million and Support.com paid $10 million as part of 2019 settlement.
Follow RTT
>