Philip Morris To Create 600 Jobs In Italy As It Expands Smoke-free Product Facility

Philip Morris International Inc. said Monday it will invest EUR500 million, or the equivalent of about $559.1 million, to expand a smoke-free product facility in Italy. The expansion is expected to create up to 600 jobs. The expansion is expected to be completed by the end of 2018. The facility currently employs over 600 people. Last week, the company announced it will spend $320 million to construct a new smoke-free product facility in Dresden, Germany that is expected to employ 500 people. The stock has run up 31% year to date through Friday, while the S&P 500 has gained 8.9%.