Philip Morris acquires 14.7% stake in Egypt-based Eastern Company

Philip Morris announced the acquisition of a minority indirect 14.7% stake in Egypt-based Eastern Company, Egypt’s largest cigarette manufacturer. s part of this acquisition, Philip Morris and Eastern seek to explore, on a non-exclusive basis, “potential strategic areas for mutual long-term collaboration, in the fields of technology, manufacturing, and innovation, including heated tobacco products, paving the way to a path towards a smoke free future in Egypt.”