- JT Group through its subsidiary JTI that owns tobacco manufacturing in Ethiopia, has entered a joint venture (JV) agreement with Altria Group, through its subsidiary PM USA.
JT Group through its subsidiary JTI that owns tobacco manufacturing in Ethiopia, has entered a joint venture (JV) agreement with Altria Group, through its subsidiary PM USA. The collaboration agreement
aims to market and commercialize heated tobacco sticks (HTS) products in the U.S. with Ploom branded devices and Marlboro branded consumables.
Both groups have also agreed to explore commercial opportunities for potentially reduced-risk products (RRP). The US is the world’s largest RRP market in value. JTI is also keen to enter into a long-term strategic collaboration with Altria to further explore global commercial opportunities in the RRP category.
Masamichi Terabatake, JT Group CEO and President of the Tobacco Business expressed confidence that the partnership will boost the global harm reduction possibilities for adult consumers and drive incremental value for the JT Group and Altria. It is hoped that the partnership will support its strategic ambition to build a global presence in RRP, through a strong focus on HTS.
Horizon Innovations LLC (Horizon) will be the exclusive JV vehicle responsible for the U.S. commercialization of current and future HTS products owned and developed by either party. It will commercialize HTS products in the U.S. under the Ploom and Marlboro trademarks. JTI will have a 25% share in Horizon while PM USA will have a 75% share.
Also read;
https://trendsnafrica.com/the-ethiopian-council-of-ministers-approve-four-draft-regulations/
https://trendsnafrica.com/kenya-ethiopia-power-buy-deal/
