Phillip Morris USA HQ
FILE - In this November 2003 file photo is the reflecting pool in front of the Philip Morris USA headquarters in Richmond, Va. Philip Morris said Wednesday, May 11, 2022, it’s expanding further in the smoke-free segment of the tobacco market with an offer to buy Swedish Match for about $16 billion in cash. Swedish Match, based in Stockholm, makes nicotine pouches, chewing tobacco and moist snuff, among other items. It derives more than 65% of its sales from smoke-free products, with most sales in the U.S. and Scandinavia. Philip Morris, which said it derived all of its revenue in 2015 from cigarettes, aims to be predominantly smoke-free by 2025. (P. Kevin Morley/Richmond Times-Dispatch via AP)
