Swedish Match, Philip Morris Dissolve Smokeless Joint Venture

By Ciara LinnaneMarketWatch Pulse

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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