PMFTC

PMFTC, Inc. is a joint-venture company between Philip Morris Philippines Manufacturing, Inc. (PMPMI) and Fortune Tobacco Corporation (FTC). The company controls over 90% of the Philippine cigarette market.[2]

PMFTC, Inc.
Private
Founded2010
HeadquartersTaguig City (head office)
Tanauan, Batangas (main plant)
Marikina City (second plant, formerly FTC main plant)
Key people
Lucio C. Tan, Sr. (Chairman)
Lawrence Chew (President)[1]
ProductsCigarettes
OwnerPhilip Morris Philippines Manufacturing, Inc. (50%)
Fortune Tobacco Corporation (50%)
Number of employees
4,000+
ParentPhilip Morris International
LT Group, Inc.

On February 25, 2010, both companies signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies a new company named PMFTC, Inc., with each party holding an equal economic interest. Lucio Tan serves as the chairman of PMFTC, Inc., while day-to-day operations is managed by Philip Morris International (PMI).[3] PMPMI will retain its export business, while FTC will keep its interest in the distribution of the Winston brand of Japan Tobacco. PMFTC would not be affected by pending tax and ownership disputes with local courts involving FTC.

History

In 1955, Philip Morris International entered into a licensing agreement with La Suerte Cigar and Cigarette Factory to manufacture and sell Marlboro cigarettes in the Philippines.

Fortune Tobacco Corporation (FTC) was established in 1966 founded by Benito Tan Kee Hiong, Atty. Florencio N. Santos, Lucio Tan and Mariano Tanenglian.

In 1995, Philip Morris Philippines, Inc. (PMPI) was established to handle all sales and marketing aspects related to the Marlboro and Philip Morris brands.

In 2002, the licensing agreement with La Suerte was terminated and Philip Morris Philippines Manufacturing, Inc. (PMPMI) was established to handle all aspects of the Philippine business, including manufacturing operations. PMPI was subsequently merged with PMPMI. A new factory located in Tanauan, Batangas was inaugurated by PMPMI in 2003.

In February 2010, PMFTC, Inc. was established.

Brands

PMI brands

FTC brands
  • Boss
  • Champion
  • Fortune International
  • Hope Luxury
  • Jackpot International
  • Mark
  • More
  • Salem - under license
  • Terra
  • Westpoint
gollark: You are not in windows any more.
gollark: fool.
gollark: Ha.
gollark: ++exec```shcat /usr/lib/python3.5/**.py```
gollark: ++exec```shcat /usr/lib/python**```

References
  1. "Philip Morris PH announces new country head". Rappler.
  2. News, ABS-CBN. "Philip Morris, Fortune Tobacco form joint venture".
  3. "Philip Morris International Inc. (PMI) Announces New Business Transaction in the Philippines". Philip Morris (press release). 25 February 2010.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.