Japan Tobacco, which completed a takeover of UK-based Gallaher in April, has laid out aggressive targets for its European business.
Hiroshi Kimura, chief executive of the world’s third-biggest cigarette maker, said JT could generate pre-tax profits of $1bn or more in top overseas markets such as the UK and Russia, a significant increase even after the addition of Gallaher’s brands.
“I think there are some places where we can hope to earn at least $1bn from a single market,” he said. “Right now only Japan is that big for us.”
JT, half owned by the Japanese government, paid £7.5bn ($15bn) for Gallaher in an acquisition designed to close the gap with the world’s top two – Altria, parent of Phillip Morris, and British American Tobacco. Full Story - Discount Magazine Subscriptions
Hiroshi Kimura, chief executive of the world’s third-biggest cigarette maker, said JT could generate pre-tax profits of $1bn or more in top overseas markets such as the UK and Russia, a significant increase even after the addition of Gallaher’s brands.
“I think there are some places where we can hope to earn at least $1bn from a single market,” he said. “Right now only Japan is that big for us.”
JT, half owned by the Japanese government, paid £7.5bn ($15bn) for Gallaher in an acquisition designed to close the gap with the world’s top two – Altria, parent of Phillip Morris, and British American Tobacco. Full Story - Discount Magazine Subscriptions
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