Altria Group is expanding
The Altria Group is an American corporation based in Henrico County Virginia and one of the largest producers and marketers of tobacco, cigarettes, and related products in the world. Altria is moving now beyond smoking and recently announced the completion of its acquisition of NJOY Holdings, Inc., a company founded in 2007 in the US that makes electronic cigarettes, AKA vapes. Wavy News says this move is part of the company’s ongoing expansion into the market of smoke-free tobacco products.
“The completion of this Transaction is a transformative step in our goal of Moving Beyond Smoking,” said Altria CEO Billy Gifford. “We are pleased to have received antitrust clearance and we are now fully focused on responsibly accelerating U.S. adult smoker and adult vaper adoption of NJOY ACE, currently the only pod-based e-vapor product to receive marketing authorization from the FDA.”
Phase one of the mission has been accomplished
Altria's mission to to go from being a tobacco company to a tobacco harm reduction company and with this new acquisition they are one step closer. The press release, states that NJOY products will be marketed by NJOY, LLC, which will be a wholly-owned subsidiary of Altria. Shannon Leistra, the former senior vice president and consumer experience officer, of Altria, will now assume the roles of CEO and president of NJOY.
Altria bought a 35% stake in Juul for $12.8 billion in 2018 before it was reported that the investment lost more than 95% of its value while Jull was in the middle of a series of lawsuits — including one from the state of Virginia which alleged that Juul’s marketing preyed on young people.