PMFTC

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PMFTC, Inc.
TypeSubsidiary
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HeadquartersTaguig (head office)
Tanauan, Batangas (main plant)
Marikina (second plant, formerly FTC main plant)
Key people
Lucio C. Tan, Sr. (Chairman)
Denis Gorkun (President)[1]
ProductsCigarettes
Brands
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ParentPhilip Morris International
LT Group
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PMFTC, Inc. is the Philippine affiliate of Philip Morris International (PMI). Owned 50-50 by PMI and local conglomerate LT Group,[4] PMFTC is the leading cigarette manufacturer in the Philippines, controlling over 90% of the local market, commercialising the brands Hope Luxury, Marlboro, and More, among others.[3]

The company is a joint-venture between the Philippine unit of PMI and local firm Fortune Tobacco Corporation (FTC),[5] which joined forces in 2010 to form a new company that, after the agreement, would control the 90% of the market.[2]

History

In 1955, Philip Morris International entered into a licensing agreement with La Suerte Cigar and Cigarette Factory to manufacture and sell Marlboro cigarettes in the Philippines.

Fortune Tobacco Corporation (FTC) was established in 1966 founded by Benito Tan Kee Hiong, Atty. Florencio N. Santos, Lucio Tan and Mariano Tanenglian.

In 1995, Philip Morris Philippines, Inc. (PMPI) was established to handle all sales and marketing aspects related to the Marlboro and Philip Morris brands.

In 2002, the licensing agreement with La Suerte was terminated and Philip Morris Philippines Manufacturing, Inc. (PMPMI) was established to handle all aspects of the Philippine business, including manufacturing operations. PMPI was subsequently merged with PMPMI. A new factory located in Tanauan, Batangas was inaugurated by PMPMI in 2003.

On February 25, 2010, PMI and Fortune Tobacco Corporation (FTC) signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies a new company named "PMFTC, Inc.", with each party holding an equal economic interest.[2] Lucio Tan served as the chairman of PMFTC, Inc., while day-to-day operations was managed by PMI.[6] The agreement stated that PMI retained its export business, while FTC kept its interest in the distribution of the Winston brand of Japan Tobacco. PMFTC would not be affected by pending tax and ownership disputes with local courts involving FTC.

Brands

PMI brands

FTC brands

  • Boss
  • Champion
  • Fortune International
  • Hope Luxury
  • Jackpot International
  • Mark
  • More
  • Salem - under license
  • Terra
  • Westpoint

References

  1. ↑ "Philip Morris PH announces new country head". Rappler.
  2. ↑ 2.0 2.1 2.2 News, ABS-CBN. "Philip Morris, Fortune Tobacco form joint venture". {{cite web}}: |last= has generic name (help)
  3. ↑ 3.0 3.1 Overview PMI Philippines on PMI website
  4. ↑ Organizational Chart on LTG website (15 Sep 2020)
  5. ↑ PMFTC on LTG
  6. ↑ "Philip Morris International Inc. (PMI) Announces New Business Transaction in the Philippines". Philip Morris (press release). 25 February 2010.

External links

Retrieved from "http://wikicigar.org/index.php?title=PMFTC&oldid=20413"