Philip Morris Int'l Building Facility In Italy
RICHMOND, Va. (AP) -- Overseas Marlboro maker Philip Morris International Inc. says it's investing up to 500 million euros (about $680 million) for a manufacturing facility and pilot plant in Italy to make new tobacco products.
The company said Friday the facilities near Bologna will produce its so-called "reduced-risk" tobacco products. Annual production is expected to reach up to 30 billion units by 2016.
Philip Morris International says the pilot plant will serve as the production facility for initial market launches and is nearing completion.
Construction of the new manufacturing facility is expected to begin immediately and last about two years.
Philip Morris International, based in New York and Switzerland, is developing products that heat tobacco instead of burning it. It plans a pilot test later this year and a wider launch in 2015.