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Philip Morris International

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Philip Morris International
Company typePublic (NYSE: PM)
S&P 500 Component
IndustryTobacco
HeadquartersLausanne, Switzerland
Key people
Louis C. Camilleri, Chairman & CEO
ProductsCigarettes
RevenueIncrease$27.208 billion USD (2010)
Increase$11.200 billion USD (2010)
9,048,000,000 United States dollar (2022) Edit this on Wikidata
Total assets41,733,000,000 United States dollar (2022) Edit this on Wikidata
Number of employees
78,300 (2010)
Websitewww.pmi.com

Philip Morris International (PMI) (NYSE: PM) is an international cigarette and tobacco company, with products sold in over 160 countries with 15.6% of the international cigarette market outside the United States. Because tobacco, the main constituent of cigarettes, is considered the single greatest cause of preventable death globally[1] and is considered addictive, the company's operations (and its competitors) are highly controversial and are increasingly the subject of litigation and restrictive legislation from governments concerned about the health impacts of its products.

Until a spin-off in March 2008, Philip Morris International was an operating company of Altria Group. Altria explained the spin-off, arguing PMI would have more "freedom" outside the constraints of US corporate ownership in terms of potential litigation and legislative restrictions to "pursue sales growth in emerging markets."[2] The shareholders in Altria at the time were given shares in PMI, which was listed on the London Stock Exchange and other markets.

The company is headquartered in Switzerland[3] and does not operate in the United States, with Philip Morris brands there still owned by PMI's former owner Altria.

Tobacco giant

In 2007, PMI sold 831 billion cigarettes, or the biggest non-government tobacco company in the world by volume. [4]

With its Operations Center based in Lausanne, Switzerland,[5] it owns 7 of the top 15 tobacco brands in the world [6] and has a mix of international and local products, which are produced in more than 50 factories around the world. PMI employs 75,600 people worldwide.[7]

Its main brands are Marlboro, Longbeach, L&M, Philip Morris, Red & White, Bond Street, Chesterfield, Parliament, Lark, A-Mild, Morven Gold, Muratti, DJI Sam Soe, Rög, Multifilter and Virginia Slims.


Board of Directors

Charitable giving

The company gives $25 million per year through its own in-house charitable giving department to charitable causes worldwide including domestic violence, emergency housing, education, combating extreme poverty, teaching sustainable agriculture techniques in Africa and so on. [9]

Research and development

PMI has a large research and development program, and declares its priority to be "developing products with the potential to reduce the risks of smoking-related diseases." They explain the focus of the R&D program is reducing the levels of toxic chemical compounds produced during the process of burning tobacco within a cigarette with what they describe as "new, next generation products."[10]

Controversies and public health disputes

In June 2011, Phillip Morris International announced it was using ISDS provisions in the Australia-Hong Kong Biliateral Investment treaty (BIT) to demand compensation for Australia's plain cigarette packaging anti-smoking legislation, despite the fact the legislation is non-discriminatory and addresses a significant public health problem.[11] A Reuters report published in the Sydney Morning Herald cited legal opinion that the case would fail "...as intellectual property rights agreements give governments the right to pass laws to protect public health." The company has also lobbied against Uruguay's strong anti-smoking laws. [12] Philip Morris International has announced an overhaul of its human rights protections of tobacco workers in Kazakhstan and 30 other countries after critical reports.[13]

References

  1. ^ WHO Report on the Global Tobacco Epidemic, 2008: the MPOWER package (PDF). Geneva: World Health Organization. 2008. ISBN 978-92-4-159628-2.
  2. ^ "Altria to spin off Philip Morris International". AP/MSNBC. 29 August 2007. Retrieved 19 December 2011.
  3. ^ . PMI http://www.pmi.com/marketpages/pages/market_en_ch.aspx. Retrieved 28 December 2011. {{cite web}}: Missing or empty |title= (help)
  4. ^ "Altria to spin off Philip Morris International". AP/MSNBC. 29 August 2007. Retrieved 19 December 2011.
  5. ^ "Where to find us." Philip Morris International. Retrieved on 19 October 2009.
  6. ^ "PMI Factsheet" (PDF). PMI. Retrieved 19 December 2011.
  7. ^ http://www.philipmorrisinternational.com/PMINTL/pages/eng/ourbus/Our_employees.asp
  8. ^ Philip Morris International Board of Directors
  9. ^ "Our Charitable Giving Program". PMI. Retrieved 19 December 2011.
  10. ^ "R&D at PMI". PMI. Retrieved 19 December 2011.
  11. ^ Klya Tienhaara and Thomas Faunce Gillard Must Repel Big Tobacco's Latest Attack. Canberra Times 28 June 2011 http://www.canberratimes.com.au/news/opinion/editorial/general/gillard-must-repel-big-tobaccos-latest-attack/2209168.aspx
  12. ^ Rory Carroll. Urguay Bows to pressure over anti-smoking legislation. Guardian 27 July 2010 http://www.guardian.co.uk/world/2010/jul/27/uruguay-tobacco-smoking-philip-morris
  13. ^ Human Rights Watch May 22 2011 http://www.hrw.org/en/news/2011/05/09/kazakhstan-philip-morris-international-overhauls-labor-protections

External links

http://www.brecorder.com/general-news/single/599/172/1253177/

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