Juul investment costs Altria $4.5bn
Altria’s 35% stake in Juul, which it paid $12.8bn for in 2018, has turned into a headache as the e-cigarette market grapples with vaping-related lung illnesses and deaths
31 October 2019 - 17:13
New York — Altria, the US maker of Marlboro cigarettes, reported a $4.5bn charge related to its investment in Juul Labs as the nascent vaping market faces a reckoning.
The company said the non-cash charge isn’t tied to a single event. Instead, it cited a slew of challenges: a high chance the US Food and Drug Administration will remove flavoured e-vapour products from the market, various bans already put in place by some cities and states and other factors. The shares rose 1.2% in New York trading...
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