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Philip Morris Int'l restructuring Egypt business

Published on NewsOK Modified: January 29, 2014 at 11:36 am •  Published: January 29, 2014

NEW YORK (AP) — Overseas Marlboro maker Philip Morris International says it's restructuring its business in Egypt to enhance profitability and growth in its North African and Middle Eastern markets.

The company said Wednesday that the restructuring includes a new contract manufacturing agreement, the creation of a new affiliate in Egypt and a new distribution agreement.

The changes will result in a charge of 10 cents per share to its 2013 full-year earnings to be reported on Feb. 6.

Philip Morris International Inc., based in New York and Switzerland, is the world's second-biggest cigarette seller behind state-controlled China National Tobacco Corp.

The company says its market share in Egypt was 22.9 percent in 2013 and its Marlboro brand has close to a 75 percent share of the premium segment.