Philip Morris International Inc is reportedly mulling the sale of its cigar business in the US under a wider shift to smoke-free products.
According to Bloomberg, advisers had been brought in to gauge buyer interest over a potential sale.
Philip Morris was said to be seeking over $1 billion for the business, which had been acquired in 2023 as part of a $16 billion deal for Swedish Match AB.
This also saw Philip Morris take over the Zyn nicotine pouch brand, as traditional cigarette makers looked toward alternative products to combat a global drop in smoking rates.
“In 2024, we announced a strategic review of our US cigar business. We have no updates at this time,” a Bloomberg-cited email from a company representative said.