PMFTC, Inc.
| Private | |
| Founded | 2010 |
| Headquarters | Makati City (head office) Tanauan, Batangas (main plant) Marikina City (second plant, formerly FTC main plant) |
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Key people
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Lucio C. Tan, Sr. (Chairman) Paul Riley (President)[1] |
| Products | Cigarettes |
| Owner | Philip Morris Philippines Manufacturing, Inc. (50%) Fortune Tobacco Corporation (50%) |
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Number of employees
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4,000+ |
| Parent | Philip Morris International LT Group, Inc. |
PMFTC, Inc. is a joint-venture company between Philip Morris Philippines Manufacturing, Inc. (PMPMI) and Fortune Tobacco Corporation (FTC). The company controls over 90% of the Philippine cigarette market.[2]
On February 25, 2010, both companies signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies a new company to be called PMFTC, Inc., with each party holding an equal economic interest. Lucio Tan serves as the chairman of PMFTC, Inc., while day-to-day operations is managed by Philip Morris International (PMI).[3] PMPMI will retain its export business, while FTC will keep 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.
Contents
History
- 1955 - Philip Morris International (PMI) entered into a licensing agreement with La Suerte Cigar and Cigarette Factory to manufacture and sell Marlboro cigarettes in the Philippines.
- 1966 - Fortune Tobacco Corporation (FTC) was established.
- 1995 - Philip Morris Philippines, Inc. (PMPH) was established to handle all sales and marketing aspects related to the Marlboro and Philip Morris brands.
- 2002 - PMI licensing agreement with La Suerte was terminated. Philip Morris Philippines Manufacturing, Inc. (PMPMI) was established to handle all aspects of the business in the Philippines, including manufacturing operations. PMPH was subsequently merged with PMPMI.
- 2003 - PMPMI inaugurated its main factory in Tanauan, Batangas.
- 2010 - PMFTC, Inc. was established.
Brands
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PMI brands:
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FTC brands:
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References
External links
- PMFTC, Inc. on Philip Morris International's homepage
