Philip Morris International Inc.
Philip Morris International Resolves Canadian Tobacco Litigation
Summary
Philip Morris International Inc. (PMI) announced that the court in its deconsolidated Canadian affiliate Rothmans, Benson & Hedges Inc.'s (RBH) Companies' Creditors Arrangement Act (CCAA) proceeding has approved a plan to resolve all tobacco product-related claims and litigation in Canada. The plan, which resolves disputes for RBH, Imperial Tobacco Canada Limited and Imperial Tobacco Company Limited, and JTI-Macdonald Corp., involves an aggregate global settlement amount of CAD 32.5 billion (approximately USD 22.7 billion), to be paid through an upfront payment and annual contributions based on net after-tax income. The plan is expected to become effective in 2025, with RBH remaining deconsolidated under U.S. GAAP.
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About Philip Morris International Inc.
Philip Morris International Inc. is a leading global tobacco company primarily engaged in the manufacture and sale of cigarettes and other nicotine-containing products. Known for owning some of the world's best-selling cigarette brands like Marlboro, Philip Morris International plays a significant role in the consumer goods sector. The company's strategic focus includes developing smoke-free alternatives such as heated tobacco systems and e-cigarettes, addressing shifting consumer preferences and regulatory landscapes. Headquartered in New York City, Philip Morris operates in over 180 countries, showcasing a robust international presence. The firm is noteworthy for its commitment to transforming public health narratives within the tobacco industry by advocating for reduced-risk products. As part of its market significance, Philip Morris International drives innovation in tobacco products, influencing regulatory frameworks and competitive dynamics in the global market.
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