Philip Morris International Inc. said Monday it will spend $320 million for the construction of a new smoke-free product facility in Dresden, Germany that is expected to employ 500 people. Construction is expected to begin in late 2017, with the facility expected to be fully operational in early 2019. The facility will produce HEETS, the tobacco units to be used with the electronic tobacco heating device IQOS. "This investment represents another step towards a future in which smoke-free products replace cigarettes," said Frederic de Wilde, president of Philip Morris's European Union region. Philip Morris's stock has soared 33% year to date through Friday, while the S&P 500 has gained 8.7%.
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