Philip Morris International Makes $1 Billion Investment in Smoking Alternatives

Twenty years ago, cigarette maker Liggett Group upended the tobacco world when it broke ranks with the rest of the industry and agreed to settle a lawsuit with 22 states, becoming the first company to admit cigarettes were addictive and cause cancer. The decision forever changed how the tobacco industry operated.

Philip Morris International (NYSE: PM) is looking to similarly revolutionize the industry by committing to investing $1 billion in the creation of a Foundation for a Smoke-Free World to stamp out smoking. The tobacco company that generates over $26 billion a year from selling cigarettes says it wants to offer them a better option.

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Source: Fool.com