Philip Morris Pakistan
| Company type | Public |
|---|---|
| PSX: PMPK | |
| Industry | Tobacco |
| Founded | 1969[1] |
| Headquarters | , |
| Products | Cigarettes |
| Parent | Philip Morris International |
| Website | www |
Philip Morris Pakistan is a Pakistani tobacco manufacturing company which is a subsidiary of Philip Morris International. It is headquartered in Karachi, Pakistan. The company is involved in the manufacturing and sale of cigarettes and tobacco products.[2]
It is the second-largest tobacco company in Pakistan after Pakistan Tobacco Company.[3]
History
The company was founded in 1969 as Lakson Tobacco.[2]
In 2007, Philip Morris International acquired the company by increasing its shareholding to 97 percent.[4]
In 2015, the company shut down its plant in Mandra, Rawalpindi District due to rising costs and smuggling of tobacco in Pakistan.[5] 141 employees lost their jobs.[6]
In 2019, the company announced that they are shutting down Kotri plant in order to restructure their finances.[7] As a result, 193 employees lost their job.[7]
Factories
In the past, the company operated in more than five locations, but to due smuggling and rising cost it shut down in three locations.[8] The company currently operates two factories in following cities:
See also
References
- ^ "PMI takes over Lakson Tobacco". DAWN.COM. March 10, 2007.
- ^ a b "Philip Morris (Pakistan) Limited – Business Recorder".
- ^ Iqbal, Shahid (January 20, 2007). "PMI buys 50.21pc stakes in Lakson: Rs20.62 billion deal". DAWN.COM.
- ^ "Philip Morris acquires Pakistan's Lakson Tobacco". Reuters. March 9, 2007 – via www.reuters.com.
- ^ "Philip Morris shuts cigarette production unit in Pindi". The Nation. February 17, 2015.
- ^ "After closing plant Philip Morris now fires 141 employees". The Nation. November 23, 2015.
- ^ a b c d "Philip Morris shuts down tobacco manufacturing facility". www.thenews.com.pk.
- ^ Hussain, Dilawar (April 9, 2008). "Philip Morris investment blows up in smoke". DAWN.COM.
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