Swedish Match to sell SMSA to Philip Morris International for ZAR1.75bn

Posted on: Thu, 02 Jul 2009 06:32:00 EDT

Symbols: PMI, PM, SWMAY

Jul 02, 2009 (M2 EQUITYBITES via COMTEX) --
SWMAY | Quote | Chart | News | PowerRating -- Swedish Match AB (OMX Stockholm:SWMA), a Swedish provider of tobacco
products, said on Thursday that it plans to sell its South African
business Swedish Match South Africa (Proprietary) Limited (SMSA) to
Philip Morris International (NYSE: PMI | PowerRating) (Euronext Paris:PMI) for a
purchase price of ZAR1.75bn.

SMSA is a South African company engaged in OTP ("other tobacco
products"). The company has a No. 1 position in the pipe tobacco
category and a No. 2 position in the nasal snuff category. In 2008 the
pipe tobacco and nasal snuff businesses had total sales of ZAR687m.

Under the agreement SMSA will continue to distribute lighters, matches
and cigars for Swedish Match.

The sale remains subject to regulatory approval in South Africa but is
expected to be completed during the second half of 2009.

(USD1=ZAR7.81)

Comments on this story may be sent to admin@m2.com

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