by: Angela Garrity
CNBC reports that Altria is buying an 80% interest in On nicotine pouches. The deal is reportedly worth $372 million dollars in cash and will close in the second half of this year. Once final, On will become part of Altria’s newly formed subsidiary Helix Innovations.
Altria will distribute On, as the tobacco giant enlarges its portfolio beyond combustible tobacco.
“This acquisition will add another non-combustible product to our portfolio in what we believe is a high-potential, rapidly-developing oral products category,” Altria CEO Howard Willard said in a statement.
On’s portfolio includes seven flavors and its products are available currently in several thousand stores across the U.S., Sweden and Japan.
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