Philip Morris moving corporate headquarters to Connecticut

Tuesday, June 22, 2021 | The Associated Press


FILE- This June 14, 2018, file photo shows cartons of Marlboro cigarettes on the shelves at JR outlet in Burlington, N.C. Philip Morris International is moving its corporate headquarters from New York to Connecticut. The company said Tuesday, June 22, 2021, the relocation will bring about 200 new jobs to Connecticut. (AP Photo/Gerry Broome, File)

Philip Morris International is moving its corporate headquarters from New York to Connecticut.

The company said Tuesday that the relocation will bring about 200 new jobs to Connecticut. The new office will include employees on the Americas teams and members of other corporate functions. Its operations center will stay in Lausanne, Switzerland.

Philip Morris split off from Altria years ago. The breakup gave it more leeway to pursue sales growth in emerging markets. Philip Morris has handled international sales for Marlboro cigarettes and has churned out new Marlboro-branded products catering to local tastes in Asia, Europe, Latin America and other regions.

But like many companies dealing with declining cigarette sales, it has been investing in alternatives. This includes a heat-not-burn cigarette option, iQOS.

Philip Morris' new headquarters are expected to be running by the summer of 2022.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Philip Morris International (PM)2.9$100.09flat4.80%17.59Buy$99.69
Altria Group (MO)3.3$48.04flat7.16%19.61Buy$53.71
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