PMFTC

PMFTC, Inc.
Company typeSubsidiary
FoundedFebruary 25, 2010; 14 years ago (2010-02-25) [1]
HeadquartersTaguig (head office)
Tanauan, Batangas (main plant)
Marikina (second plant, formerly FTC main plant)
Key people
Lucio C. Tan, Sr. (Chairman)
Gijs Lambert Johan de Best (President)[2]
ProductsCigarettes
Brands
Number of employees
4,700 [3]
ParentPhilip Morris International
LT Group

PMFTC, Inc. is the Philippine affiliate of Philip Morris International (PMI). Owned 50-50 by PMI and local conglomerate LT Group,[4] PMFTC is the leading cigarette manufacturer in the Philippines, controlling over 90% of the local market, commercialising the brands Fortune International, Hope Luxury, Marlboro, and More, among others.[3]

The company is a joint-venture between the Philippine unit of PMI and local firm Fortune Tobacco Corporation (FTC),[5] which joined forces in 2010 to form a new company that, after the agreement, would control the 90% of the market.[1]

History

In 1955, Philip Morris International entered into a licensing agreement with La Suerte Cigar and Cigarette Factory to manufacture and sell Marlboro cigarettes in the Philippines.

Fortune Tobacco Corporation (FTC) was established in 1966, founded by Benito Tan Kee Hiong, Atty. Florencio N. Santos, Lucio Tan and Mariano Tanenglian.

In 1995, Philip Morris Philippines, Inc. (PMPI) was established to handle all sales and marketing aspects related to the Marlboro and Philip Morris brands.

In 2002, the licensing agreement with La Suerte was terminated and Philip Morris Philippines Manufacturing, Inc. (PMPMI) was established to handle all aspects of the Philippine business, including manufacturing operations. PMPI was subsequently merged with PMPMI. A new factory located in Tanauan, Batangas was inaugurated by PMPMI in 2003.

On February 25, 2010, PMI and Fortune Tobacco Corporation (FTC) signed an agreement to unite their respective business activities by transferring selected assets and liabilities of both companies to a new company named PMFTC, Inc., with each party holding an equal economic interest.[1][6] The agreement stated that PMI retained its export business, while FTC kept its interest in the distribution of the Winston brand of Japan Tobacco. PMFTC would not be affected by pending tax and ownership disputes with local courts involving FTC.

On June 1, 2021, when PMFTC Inc., which the group indirectly owns through Fortune Tobacco Corporation, obtained board approval to merge with Philip Morris Philippines Manufacturing, Inc. and PMFTC would be the surviving corporation.

Brands

PMI brands

FTC brands

  • Boss
  • Champion
  • Fortune International
  • Hope Luxury
  • Jackpot International
  • Mark
  • More
  • Salem - under license
  • Terra
  • Westpoint
  • Two Moon
  • Camel

References

  1. ^ a b c News, ABS-CBN. "Philip Morris, Fortune Tobacco form joint venture". {{cite web}}: |last= has generic name (help)
  2. ^ "PMFTC elects new president". The Philippine Star. April 20, 2024.
  3. ^ a b Overview PMI Philippines on PMI website
  4. ^ Organizational Chart on LTG website (Sep 15, 2020)
  5. ^ PMFTC on LTG
  6. ^ "Philip Morris International Inc. (PMI) Announces New Business Transaction in the Philippines". Philip Morris (press release). February 25, 2010.

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