Philip Morris International Inc. (NYSE: PM) shares opened Tuesday up slightly on announcing an investment of $232 million through one of its Swedish Match affiliates to expand production capacity of its manufacturing facility in Owensboro, Ky. The expansion is expected to create an additional 450 direct jobs with an ongoing annual economic impact of $277 million and an additional 410 indirect jobs* for the commonwealth of Kentucky. The facility produces ZYN nicotine pouches to help meet the growing demand from legal-age consumers switching from cigarettes or other traditional tobacco products.
“Philip Morris International’s Swedish Match affiliate has been an important partner and job creator in this region for many years, and I’m excited to see this incredible new investment and the 450 great job opportunities it is creating for families in Owensboro and the surrounding region,” Kentucky Gov. Andy Beshear said.
“Our economy continues to set records, and today’s announcement shows we’re bringing jobs to our people instead making our people move to the jobs. I want to thank and congratulate company leadership for doubling down here in the commonwealth and look forward to many more years of prosperity.”
PM shares gained 59 cents to $121.84.
