Swedish Match and Philip Morris International said Thursday they are dissolving their joint venture in the sale of smokeless tobacco products outside Scandinavia and the U.S. The 50/50 business was set up in 2009 and most recently sold products in Canada, Russia, Israel and Malaysia. The companies will now pursue independent strategies, according to a statement. The news came as Philip Morris reported better-than-expected second quarter profit and sales. Shares were up 1.7% in premarket trade.
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