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Philip Morris International Announces Stamford Central Business District as Location of New Corporate Headquarters
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Philip Morris International (PMI) announces the relocation of its corporate headquarters to Stamford, Connecticut, with an expected opening in summer 2022. This move is poised to create approximately 200 jobs and contribute around $50 million to the state's economy. The 71,484 square foot facility will serve as a hub for PMI’s Americas region and amplify its commitment to a smoke-free future. PMI aims to transition to a majority smoke-free product portfolio by the end of 2025, with nearly 30% of net revenues coming from non-combustible products as of Q3 2021.
Positive
Creation of approximately 200 jobs in Connecticut.
Total economic impact expected to be around $50 million in 2022.
New headquarters will support PMI’s transformation to smoke-free products.
PMI aims for over 50% of net revenues from smoke-free products by end of 2025.
Negative
None.
Anticipated opening in summer 2022 will bring some 200 jobs to Connecticut and a state-of-the-art innovation center, among other benefits to the state
NEW YORK--(BUSINESS WIRE)--
Philip Morris International (PMI) (NYSE:PM) today announced that its new corporate headquarters will be located in the heart of Stamford, Connecticut, and is expected to open in summer 2022. The move is a notable component of PMI’s transformation to a smoke-free company and—with the support of Gov. Ned Lamont (D) and the company’s leadership—will initially bring approximately 200 jobs to help fuel the state’s continued economic growth. The total economic impact of these jobs is expected to be approximately $50 million in 2022.
“Connecticut’s position as a leader in innovation and forward thinking, paired with a commitment to open-minded civil discourse, allows us to foster an even stronger company culture. PMI will continue to attract an educated workforce, becoming an integral part of the local community and a source of pride for the state,” said Deepak Mishra, President of the Americas Region at PMI.
“We are making rapid progress toward our smoke-free future,” continued Mishra, “and our new base in Connecticut is more than just an office building—it will be a full campus with a state-of-the-art innovation facility that will help accelerate our transformation.” State officials recognize that PMI is a company with a new purpose and bright future. We are proud that we will be able to call Connecticut home.”
The new 71,484 square foot headquarters will be located at 677 Washington Boulevard in the heart of Stamford’s central business district, steps away from the Stamford Transportation Center and the entrance to I-95, making it easily accessible. The office will open as home to the PMI Americas region and other corporate functions. PMI’s Operations Center will remain in Lausanne, Switzerland, to continue to support the business across the globe. The company employs a worldwide workforce of more than 71,000.
"The decision by PMI to locate its corporate headquarters in downtown Stamford is validation that our economic recovery in Connecticut is in full swing, and we are continuing to see meaningful growth in one of our fastest growing cities," said Governor Ned Lamont. "We are looking forward to a long and fruitful relationship with PMI and it is clear they are focused on maintaining a strong partnership with the State of Connecticut for the foreseeable future."
The Connecticut location will offer employees a better range of commuting and living options following the paradigm shift caused by COVID-19. The headquarters will be aligned with PMI’s science- and technology-focused transformation, using state-of-the-art innovation to accommodate remote work and ensure that employees have an inspiring and comfortable workplace.
“We are excited that our new location will offer employees and their families a wide range of living options, from the suburbs of Fairfield County to the rural areas of Litchfield County, while also having the advantages of easy access to the New York metropolitan area. More encouraging are the pioneering and community-minded populace, an excellent school system and healthcare facilities, and ample recreational and green space,” said Charles Bendotti, Senior Vice President of People and Culture at PMI.
PMI will take possession on March 1, 2022, with the goal of having the office operational by mid-to-late summer 2022.
PMI is widely recognized as a top employer and a leader in gender equity, equitable pay, and environmental, social, and corporate governance (ESG) measures. Recognitions include:
- The first international company to achieve global EQUAL-SALARY certification
- Included in the 2021 Bloomberg Gender-Equality Index
- Certified Global Top Employer for five consecutive years by the Top Employers Institute
- Ranked on CDP’s A List for climate change for seven years in a row
- Included in the Dow Jones Sustainability Index North America
- Awarded CDP’s “triple A” score in 2020 for efforts to combat climate change and the protection of forests and water security
Since 2016, PMI has undergone a major business transformation, moving away from cigarettes and other combustible tobacco products in favor of smoke-free alternatives that, while not risk-free, are scientifically substantiated to be a better choice than continued smoking. PMI is committed to a smoke-free future, and its noncombustible products already accounted for nearly 30% of net revenues in the third quarter of 2021. Building on this progress, the company has accelerated its ambitions, now aiming to be a majority smoke-free company in terms of net revenues by the end of 2025.
The potential public health impact of PMI’s scientifically substantiated smoke-free products is increasingly being recognized by governments and public health authorities. For instance, in the U.S., the Food and Drug Administration (FDA) has issued marketing authorizations for IQOS, PMI’s electronically heated tobacco system. In July 2020, the FDA authorized the IQOS 2.4 system as a Modified Risk Tobacco Product (MRTP), concluding that issuing exposure modification orders for the system is “appropriate to promote the public health” and is “expected to benefit the health of the population as a whole.” The agency is now conducting a scientific review of the company’s MRTP application for the IQOS 3 system, which was authorized for sale in the U.S. in December 2020.
Globally, as of September 30, 2021, an estimated 14.9 million adults have switched to IQOS and stopped smoking.
Note to editor:
In theU.S., Altria Group, Inc. has a license to market IQOS.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company, its shareholders, and other stakeholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, versions of PMI’s IQOS Platform 1 device and consumables have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI’s smoke-free product portfolio includes heat-not-burn products, nicotine-containing vapor products, and oral nicotine products. As of September 30, 2021, PMI’s smoke-free products are available for sale in 70 markets in key cities or nationwide, and PMI estimates that approximately 14.9 million adults around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.
