Philip Morris suspends investments in Russia, scales again manufacturing – Reuters

By | June 12, 2022

A Philip Morris brand is pictured on a manufacturing facility in Serrieres close to Neuchatel, Switzerland December 8, 2017. REUTERS/Denis Balibouse
March 9 (Reuters) – Philip Morris Worldwide Inc (PM.N) has suspended its deliberate investments within the Russian Federation, the cigarette maker stated on Wednesday, and can scale down manufacturing operations within the nation following Moscow's invasion of Ukraine.
The beforehand deliberate investments embody new product launches in addition to business, innovation and manufacturing investments.
The corporate, like many Western manufacturers together with McDonald's Corp (MCD.N), is continuous to pay salaries to all its workers in Russia and Ukraine throughout this era.
Ukraine, the place Philip Morris quickly suspended its operations on Feb. 25, accounted for lower than 2% of its complete internet income in 2021, whereas Russia made up round 6%.
The corporate has one manufacturing facility and almost 1,300 workers in Ukraine and greater than 3,200 employees in Russia.
UK-listed tobacco agency Imperial Manufacturers Plc (IMB.L) has additionally suspended all operations in Russia, following worldwide sanctions in opposition to the nation.
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Canada is proposing that written well being warnings be printed on particular person cigarettes, the primary nation on this planet to take action, a federal minister stated on Friday.
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