Philip Morris International has purchased Nicocigs, a leading U.K.-based vapor company whose principal brand is Nicolites. The transaction is not subject to regulatory approval and is not material to PMI’s 2014 consolidated financial position.
“This acquisition is complementary to our previously announced agreement for the license and distribution of Altria Group’s e-vapor products,” said Drago Azinovic, PMI’s president, European Union region.
“In addition, it provides PMI with immediate access to, and a significant presence in, the growing e-vapor category in the U.K. market, as well as a strong retail presence, which further complements the current restructuring of our distribution arrangements in the U.K.”
Nicocigs was founded in 2008 and is headquartered in Birmingham, U.K. The company employs a field force of approximately 40 sales representatives, and its products are distributed to more than 20,000 points of sale within the U.K.
Nicocigs 2014 April year-to-date retail share was 27.3 percent according to Nielsen.
Category: Breaking News