Altria’s plan to come back from its disastrous $12.8bn investment in Juul is drawing it into a head to head fight for the US smokeless tobacco market with Philip Morris International, the former sister company it tried to recombine with four years ago. The US group wrote down the value of its 35 per cent stake in Juul to just $250mn before swapping it for intellectual property rights to some of Juul’s heated tobacco prototypes.
In the latest trading session, Altria (MO) closed at $43.97, marking a +1.17% move from the previous day.
Altria (MO) unveils 2028 Enterprise Goals, including corporate financial metrics and U.S. smoke-free portfolio goals. The company is building an impressive portfolio of smoke-free products.