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- KT&G and PMI entered into a supply and distribution agreements in 2020 for the overseas distribution of KT&G's Next Generation Product lil, resulting in expansion into more than 30 markets to date
SEOUL, South Korea, March 15, 2024 /PRNewswire/ -- KT&G Corporation's ("KT&G") (KRX:033780) CEO Bok-in Baek and CEO nominee Kyung-man Bang convened a meeting with Philip Morris International Inc.'s ("PMI") CEO Jacek Olczak on March 12, 2024 at the KT&G headquarters in Seoul, South Korea to discuss the two companies' global partnership. The meeting was attended not only by the CEOs of both companies but also by Kyung-man Bang, who was newly appointed as the KT&G CEO nominee on February 22, 2024. Mr. Bang's participation resulted in sharing of the long-term roadmap and vision of the partnership.
KT&G and PMI particularly focused on reviewing the achievements of their partnership over the past four years. The two companies first joined hands in 2020 and introduced lil in three markets including Japan in the first year of the agreement. Later, they expanded the coverage of overseas markets to more than 30 markets worldwide, including European countries such as Italy and Greece as well as the Central American region. Building on these achievements, KT&G and PMI entered into a new long-term agreement of 15 years on January 30, 2023 and solidified their commitment to collaboration.
KT&G CEO nominee Kyung-man Bang stated, "Over the past four years of partnership with PMI, we have successfully elevated the competitiveness of our NGP products and brands, and established a solid foundation for the robust growth of our global NGP business. Going forward, we will strive to secure our future growth momentum and propel the company into global top-tier position by building on the collaboration with PMI."
PMI CEO Jacek Olczak stated, "PMI and KT&G share a common vision of providing better alternatives to more than one billion smokers around the world and the two companies have been continuing strategic collaboration with this vision in mind. We hope the smoke-free products of the two companies will play a complementary role to each other, providing a more innovative product portfolio to more consumers."
The picture shows KT&G CEO Bok-in Baek(right), KT&G CEO nominee Kyung-man Bang(left), and PMI CEO Jacek Olczak(center) taking a celebratory photo after the meeting
