The owner of Philip Morris paid for the cigar nearly three billion dollars

Corporation Altria, which owns the Philip Morris cigarette company, paid 2.9 billion dollars for a manufacturer of cigars John Middleton, transmits Associated Press. About seven million of them are in tax deductions and exemptions. The transaction is expected to zavreshena the end of the year.
John Middleton produces machine-made cigars great. The volume of the market in 2007 amounted to 5.3 billion cigars. It is expected that by the end of the year revenues John Middleton is 360 million dollars, while operating profit - 182 million.
Altria hopes that the purchase will offset falling demand for cigarettes in the United States. Earlier the same purpose company took on the issue chew tobacco under the brand Marlboro.
Along Altria preparing to get rid of the international unit Philip Morris. It is anticipated that the division of the company will occur on 30 January. It will allow Philip Morris to build on the developing country markets without restrictions imposed by the American legislation.