Philip Morris South Korea’s KT&G smoke-free devices consumables worldwide (NYSE:PM)

Philip Morris International or PMI (NYSE:PM) enters long-term collaboration with KT&G, South Korea’s tobacco and nicotine manufacturer, to continue to commercialize KT&G’s innovative smoke-free devices and consumables on an exclusive, worldwide basis (excluding South Korea).

It builds on three years of successful collaboration that has seen PMI commercialize KT&G’s products in more than 30 markets. The agreement covers fifteen years, to January 29, 2038.

Products sold under the agreement will be subject to assessment to ensure they meet the regulatory requirements in the market where they are launched.

“Since we began our transformation, millions of smokers have switched to our smoke-free products and quit cigarettes entirely. KT&G’s lil products play a complementary role to IQOS, the world’s leading heat-not-burn product, and our continued collaboration will provide adult smokers around the world with more options to leave cigarettes behind. Korea is a global leader in science and innovation, and today marks an important milestone that clears the path for a better future. With KT&G’s technology and speed of innovation and PMI’s science and commercial infrastructure, we believe our partnership will accelerate our shared vision of a smoke free future.” said Jacek Olczak, PMI’s CEO.