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Breaking News: Swedish Match Buys Cigars International Inc.
Posted: August 15, 2007
Swedish Match NA announced today that its parent company, Swedish Match AB, also owner of General Cigar Holdings, has purchased Cigars International Inc.
"Swedish Match AB's purchase of Cigars International is aligned with our long-term growth strategies in the premium cigar category and represents an opportunity to strengthen our position within the global cigar market," said Sven Hindrikes, president and chief executive officer of Swedish Match AB, in a statement.
In addition to operating two retail outlets in Pennsylvania, Cigars International distributes cigars through direct-marketing strategies that include catalogue and online sales. Cigars International would remain independent of Swedish Match AB's existing U.S. operations.
"Considering Swedish Match AB's leadership position within the global tobacco industry, we are enthusiastic about the opportunities for growth that this transaction represents," said Keith Meier, founder and chief executive officer of Cigars International, in a statement. Meier and John De Marco, vice president and chief operating officer, will both continue in their respective roles.
Regulatory approval of the transaction is expected to close within 30 days.
Check back here for more on this breaking story.
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