Philip Morris Pakistan

Philip Morris Pakistan is a Pakistani tobacco manufacturing company which is a subsidiary of Philip Morris International. It is headquartered in Karachi, Pakistan. The company is involved in the manufacturing and sale of cigarettes and tobacco products.[2]

Philip Morris Pakistan
Public
Traded asPSX: PMPK
IndustryTobacco
Founded1969 (1969)[1]
Headquarters
Karachi
,
Pakistan
ProductsCigarettes
ParentPhilip Morris International
Websitewww.pmi.com/markets/pakistan/en/about-us/overview

It is the second-largest tobacco company in Pakistan after Pakistan Tobacco Company.[3]

History

The company was founded in 1969 as Lakson Tobacco.[2]

In 2007, Philip Morris International acquired the company by increasing its shareholding to 97 percent.[4]

In 2015, the company shut down its plant in Mandra, Rawalpindi District due to rising costs and smuggling of tobacco in Pakistan.[5] 141 employees lost their jobs.[6]

In 2019, the company announced that they are shutting down Kotri plant in order to restructure their finances.[7] As a result, 193 employees lost their job.[7]

Factories

In the past, the company operated in more than five locations, but to due smuggling and rising cost it shut down in three locations.[8] The company currently operates two factories in following cities:

gollark: Do you need to have a free eggslot to get a prize, by the way?
gollark: Ah, yes, yesterday at 14:13.
gollark: I think I bred a shimmerscale into the AP at some point recently.
gollark: I mean, it's in the AP, you can't magically get it.
gollark: Did anyone take "Prize" or something?

See also

References
  1. "PMI takes over Lakson Tobacco". DAWN.COM. March 10, 2007.
  2. "Philip Morris (Pakistan) Limited – Business Recorder".
  3. Iqbal, Shahid (January 20, 2007). "PMI buys 50.21pc stakes in Lakson: Rs20.62 billion deal". DAWN.COM.
  4. "Philip Morris acquires Pakistan's Lakson Tobacco". March 9, 2007 – via www.reuters.com.
  5. "Philip Morris shuts cigarette production unit in Pindi". The Nation. February 17, 2015.
  6. "After closing plant Philip Morris now fires 141 employees". The Nation. November 23, 2015.
  7. "Philip Morris shuts down tobacco manufacturing facility". www.thenews.com.pk.
  8. Hussain, Dilawar (April 9, 2008). "Philip Morris investment blows up in smoke". DAWN.COM.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.