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KT&G, or the Korea Tobacco & Ginseng Corporation, has teamed up with Philip Morris International (PMI) to hasten its global expansion plans. The two companies signed a 15-year partnership deal, and this was confirmed on Monday, Jan. 30, through a signing event for their global collaboration.
Under the agreement, KT&G will supply its e-cigarettes to Philip Morris until 2038, and these will be sold in various countries. As per The Korea Times, while PMI will market the e-cigarettes globally, it will not bring them to South Korea.
Most of the products that KT&G will supply to the American tobacco company are heat-not-burn items such as lil Hybrid, lil Solid, lil Aible, that was already launched in Korea. Other tobacco stick products of KT&G, like Aiim, Miix, and Fiit, are also part of the contract.
"Through the advancement of the strategic partnership with PMI, KT&G's e-cigarette products will further enhance their global competitiveness and lay the foundation for stable overseas growth," Baek Bok In, KT&G’s chief executive officer, said during a press conference at Seoul’s Conrad Hotel this week. "In order to become a top-tier company early on, we will strive to secure world-class capabilities and lead the next-generation tobacco market."
KT&G started its partnership with Philip Morris in January 2020, and they have agreed to export the former’s lil products for release in the global market. The tobacco maker also decided to work with the Korean company to scale up its portfolio of innovative products.
Together, they gave introduced the lil brand in some countries such as Japan, Greece, and Italy. They added more locations along the way, and today, they sell in 31 countries.
“We have been pleased with the success of our cooperation with KT&G so far and believe a long-term collaboration will accelerate the achievement of a smoke-free future,” Philip Morris’ chief executive officer, Jacek Olczak, said in a press release. “We want everyone who does not quit smoking to switch to a better alternative, for the benefit of their own health, public health, and society at large. We will achieve a smoke-free future faster if all people who smoke have access to better alternatives and accurate information about these innovative products.”
He added, “Together with KT&G we are calling on regulators, scientists and health professionals everywhere, including in Korea, to embrace the potential of these technological innovations to shift smokers away from cigarettes.”
Photo by: Horst Winkler/Pixabay
