The Wall Street Journal | 7/10/2009 12:00:00 AM
Philip Morris To Buy Colombia Cigarette Maker For $452M
Jul 10--Philip Morris International Inc. (PM) will buy privately owned Colombian cigarette maker Productora Tabacalera de Colombia for $452 million as it looks to expand in the Latin American market.
The company said Protabaco is the second-largest tobacco company in Colombia, with an estimated volume last year of 6.1 billion cigarettes and a market share of about 32%. Protabaco posted revenue of about $107.6 million last year, and its brands include Mustang Premier and President.
Protabaco has plants three plants in Colombia. They are located in the small city of San Gil in the northeastern province of Santander, Bogota and in the Colombian Caribbean city of Santa Marta.
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