MARLBORO/ALTRIA WRITES DOWN VALUE OF STAKE IN JUUL
Since Altria made its mega 35% stake in JUUL valuing the company at US$38bn, JUUL has hit numerous road bumps. JUUL was largely blamed for increases in teen vaping in the USA and subsequently cut its range and withdrew for many export markets.
Although JUUL still values itself at US$10bn, Altria’s recent write down indicated JUUL could potentially be worth only US$4.6bn.
Altria CEO said “The [US] e-vapor category will continue to undergo a transition period over the next few years as FDA makes market determinations on the thousands of PMTAs (Premarket Tobacco Product Application)”
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