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Philip Morris International Inc. (NYSE:PM) Increases Outlay in Heated Tobacco Unit Facility

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Philip Morris International Inc. (NYSE:PM) intends to invest an additional almost €500 million to increase capacity at its smoke-free product production facility in Crespellano. This facility is company’s first dedicated manufacturing unit for large scale manufacturing of HEETS, the tobacco segments utilized with the electronic tobacco heating device named IQOS.

The details

Completed in 2016, the facility as of now employs more than 600 people with an ultimate level of technical expertise in segments such as mechanical engineering, chemistry and electronics. The expansion is projected to be completed by the close of 2018 and is part of the firm’s plans to have a yearly installed capacity of around 100 billion heated tobacco units by this year’s end.

Frederic de Wilde, the President of Philip Morris’ EU region, said that last week, they reported their second greenfield unit facility in Dresden. The expansion of their first facility, in Crespellano, reflects the momentum of company’s measures to achieve vision for a smoke-free world into a reality soon.

Michele Cattoni, the VP Technology and Operations RRPs of Philip Morris, added that the launch of the Crespellano plant showed a major milestone in company’s commitment to substitute cigarettes with better options to the benefit of smokers, society and public health at large. They are now rapidly increasing their capacity to produce smoke-free offerings in an attempt to meet increasing demand from adult smokers.

HEETS and IQOS were first made accessible for adult smokers in Milan in 2014. IQOS is available countrywide in Italy, and in major cities or nationwide in over 25 markets across the globe. Over 2 million people have by now given up smoking and moved to IQOS.

The Bologna facility expansion follows the earlier update that Philip Morris will invest almost USD 320 million in a HEETS manufacturing facility in Dresden, adding to the previously reported investments in the conversion of cigarette production facilities in Romania, Russia and Greece to HEETS production.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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