Philip Morris International
Philip Morris International Inc. (PMI) is an American multinational tobacco company, with products sold in over 180 countries. The most recognized and best selling product of the company is Marlboro.[4] Philip Morris International is often referred to as one of the companies comprising Big Tobacco.
This article is about the tobacco company. For the sponsored golf tournament, see Philip Morris International (golf).Company type
- 2008 (spin-off company)
- 1847 (original)
- Stamford, Connecticut, U.S. (legal seat)
- Lausanne, Switzerland (operational)
Worldwide
- André Calantzopoulos (Executive chairman)
- Jacek Olczak (CEO)
US$35.174 billion (2023)[1]
US$11.556 billion (2023)[1]
US$7.813 billion (2023)[1]
US$65.304 billion (2023)[1]
-US$11.225 billion (2023)[2]
82,700 (2023)[1]
Until spun off in March 2008, Philip Morris International was an operating company of Altria. Altria explained the spin-off, arguing PMI would have more "freedom," i.e. leeway outside the responsibilities and standards of American corporate ownership in terms of potential litigation and legislative restrictions to "pursue sales growth in emerging markets", while Altria focuses on the American domestic market.[5] The shareholders in Altria at the time were given shares in PMI, which was listed on the London Stock Exchange and other markets.
The company's legal seat is in Stamford, Connecticut, but it does not operate in the United States of America. Philip Morris USA, a subsidiary of PMI's former owner American parent Altria group, owns the Philip Morris brands there. PMI's operational headquarters are in Lausanne, Switzerland.[6]
With tobacco being addictive and the single greatest cause of preventable death globally,[7] the company is highly controversial, not least because of its history of obfuscating scientific evidence around the health effects of smoking. It has been the subject of litigation and restrictive legislation from governments.
The company ranked No. 128 in the 2023 Fortune 500 list of the largest corporations by total revenue.[8] In 2022, the company's revenue in Russia amounted to 400 billion rubles.[9]
History[edit]
Early development[edit]
The company states its history is traced to a Colombia tobacconist, Philip Morris, opening a single shop on London's Bond Street in 1847 which sold tobacco and cigarettes.[10][11] In 1881, Philip Morris' son, Leopold Morris, established "Philip Morris & Company and Grunebaum Ltd" with Joseph Grunebaum.[4] In 1885, the company changed its name to "Philip Morris & Co. Ltd."[4]
In 1894, William Curtis Thomson and his family began to control the company, and in 1902 the company was incorporated in New York.[4] In 1919, the American business was acquired and incorporated as "Philip Morris & Co. Ltd., Inc." in Virginia.[4]