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.
Our Requirements: The Thomson Reuters Belief Ideas.
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.
Reuters, the information and media division of Thomson Reuters, is the world’s largest multimedia information supplier, reaching billions of individuals worldwide every single day. Reuters offers enterprise, monetary, nationwide and worldwide information to professionals through desktop terminals, the world's media organizations, trade occasions and on to shoppers.
Construct the strongest argument counting on authoritative content material, attorney-editor experience, and trade defining expertise.
Essentially the most complete resolution to handle all of your advanced and ever-expanding tax and compliance wants.
The trade chief for on-line info for tax, accounting and finance professionals.
Entry unmatched monetary information, information and content material in a highly-customised workflow expertise on desktop, internet and cell.
Browse an unrivalled portfolio of real-time and historic market information and insights from worldwide sources and consultants.
Display screen for heightened danger particular person and entities globally to assist uncover hidden dangers in enterprise relationships and human networks.
All quotes delayed a minimal of quarter-hour. See right here for a whole checklist of exchanges and delays.
© 2022 Reuters. All rights reserved
