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PMI restructures operations

30 Jan 2014. Philip Morris International (PMI) has redone its production pact with Eastern Company and struck a new distribution deal in Egypt to boost growth and profit in North Africa and the Middle East, the company said.

A PMI affiliate will be established in Egypt, the company said. Eastern will produce under terms of a new manufacturing contract and a logistics pact was negotiated with Trans Business for Trading and Distribution, PMI said.

“Today’s announcement marks the next stage in the highly successful evolution of our business in Egypt, which could not have been achieved without the significant contribution of our long-established partner, Al Mansour International Distribution Company SAE,” said Miroslaw Zielinski, PMI president for the region.

To compensate for discontinued contractual obligations, PMI will record a charge for 2013 amounting to about USD 0.10 in reported diluted earnings per share.