Wed Sep 18 01:33:24 UTC 2024: ## Tobacco Giant Philip Morris Sells Inhaler Company After Backlash

**London, UK -** Philip Morris International (PMI), the company behind Marlboro cigarettes, has sold its UK-based inhaler company, Vectura Group, for a significantly reduced price just three years after acquiring it. The sale, for £150 million ($198 million), comes after PMI faced criticism for its ownership of Vectura, a company that produces inhalers for lung conditions like asthma.

PMI had purchased Vectura for over £1 billion in 2020 as part of its stated strategy to move away from cigarettes and towards “smoke-free” businesses like vaping. However, the move was widely criticized as hypocritical, with health charities expressing skepticism about the sincerity of PMI’s intentions.

Despite the sale, PMI CEO Jacek Olczak emphasized the company’s long-term commitment to innovation in the inhaler sector. The sale to electronics firm Molex Asia Holdings will involve an upfront payment of £150 million and potential deferred payments of up to £148 million based on certain performance criteria.

This decision comes as PMI continues to face scrutiny for its continued reliance on cigarette sales, which still account for over 60% of its revenue. The company’s latest financial results show that cigarette sales generated over $9.47 billion (£7.19 billion) in the three months ending June, representing 23.6% of the global cigarette market.

The news of the sale coincides with the new Labour government’s consideration of an outdoor smoking ban at pubs. While health experts have welcomed the proposal, many pub owners have expressed concerns about the potential impact on their businesses.

This development highlights the ongoing debate around the role of tobacco companies in public health and their commitment to “smoke-free” alternatives. It remains to be seen whether PMI’s sale of Vectura signals a genuine shift in its business strategy or simply a response to public pressure.

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