Category: Business

  • 22nd Adjourns Meeting for Shares Proposal

    22nd Adjourns Meeting for Shares Proposal

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    22nd Century Group conducted its Jan. 24, 2024, special meeting of stockholders and adjourned the meeting solely with respect to Proposal 2 set forth in its Definitive Proxy Statement previously filed with the Securities and Exchange Commission. Proposal 2 is a proposal to increase the number of authorized number of shares of common stock. All other proposals were passed at the special meeting with strong support from stockholders.

    “We sincerely appreciate the support of our stockholders on these important items as we work to swiftly effect a turnaround of the business,” said Larry Firestone, chairman and CEO of 22nd Century, in a statement. “In the seven weeks since I joined the company, we have fully focused the business on our tobacco operations, implemented aggressive operating cost reductions and extended our balance sheet runway. We are also actively working to improve our tobacco business margins and increase the returns from those assets as we work to make this company self-sufficient, including efforts to increase the channels and channel support for VLN sales.

    “While I am pleased with the progress on these and other initiatives we have underway, Proposal 2 is still critically important to ensuring that the company can address any strategic needs as we bridge to self-sustaining operations as quickly as possible. We hope that the adjournment will enable additional shareholders to vote for this proposal, or those who may have voted against to reverse their vote and support our efforts to complete the turnaround process.”

    The company has adjourned the special meeting solely with respect to Proposal 2 to provide its stockholders additional time to vote on Proposal 2. The special meeting will resume with respect to Proposal 2 at 11:00 a.m. Eastern Time on Feb. 15, 2024. The reconvened meeting will be held at 11988 El Camino Real, Suite 400, San Diego, California, 92130. The record date for determining stockholders eligible to vote at the special meeting will remain the same. To date, more than 48 percent of all shares outstanding as of the record date have voted in favor of the proposal.

    Stockholders as of close of business on Dec. 6, 2023, the record date for the special meeting, who have not yet voted are encouraged to vote over the internet at http://www.proxyvote.com/.

  • Parkside Restructures Management

    Parkside Restructures Management

    Image: Parkside

    Parkside is restructuring its management team.

    The company has appointed Robert Adamson as chairman and Paula Birch as managing director. The flexible packaging innovator’s Asian operations will now be headed by Paul Vaughan, who has been made general manager of Parkside Asia, while Joshua Swann joins the board as technical director to lead on NPD and innovation.

    Laura Haggerty will assume the role of BAT account director and head of client services, and Julia O’Loughlin will become group marketing manager.

    Staci Bye has returned to a customer-facing role as sales account manager while Jonathan Steele is beginning a two-year secondment to the company’s Asian site to bolster its technical capabilities and support its growing business in the region.

    “Thanks to the hard work and passion of the entire Parkside team, we bucked industry trends and enjoyed a hugely successful 2023,” said Birch in a statement. “Our business has grown significantly in recent years as demand for sustainable flexible packaging innovations continues to increase, and it’s important that our business capacity and capabilities grow along with it.

    “This restructure will help us harness the momentum of our recent success so we can continue to deliver market-leading innovations and the best possible service to our customers across the world.”

  • Reynolds American Named Top Employer

    Reynolds American Named Top Employer

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    Reynolds American Inc. has been named a Top Employer for 2024 in the United States by the Top Employers Institute for the second consecutive year. Being certified as a Top Employer showcases an organization’s dedication to a better world of work and exhibits this through excellent human resources (HR) policies and people practices.

    Reynolds is one of 44 organizations nationwide to receive this recognition. The Top Employers Institute program certifies organizations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of 20 topics, including people strategy, work environment, talent acquisition, learning, diversity, equity and inclusion, well-being and more.

    “Our employees are leading the transformation of an entire industry and supporting them professionally and personally throughout their career with us is critical to our organization’s success,” said Borgia Walker, senior vice president of human resources and inclusion, in a statement. “With a unique workforce that represents many professions from manufacturing to scientists and corporate roles to a nationwide salesforce, our employees have different needs to excel, and this Top Employer certification underscores the efforts we make to help our employees thrive.”

    Some of Reynolds’ highest marks in the Top Employer assessment were in the areas of career growth and development, learning opportunities available for employees, rewards and recognition and employee well-being.

    Top Employers Institute CEO David Plink says, “Exceptional times bring out the best in people and organizations. And we have witnessed this in our Top Employers Certification Program this year: exceptional performance from the certified Top Employers 2024. These employers have always shown that they care for the development and well-being of their people. By doing so, they collectively enrich the world of work. We are proud to announce and celebrate this year’s group of leading people-oriented employers: the Top Employers 2024.”

  • JTI Awarded Global Top Employer

    JTI Awarded Global Top Employer

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    Japan Tobacco International was certified Global Top Employer for the 10th year in a row.

    “This recognition acknowledges that our people are at the heart of everything we do and shows the progress we continue to make in improving our environment, caring about the well-being of our employees as well as our focus on diversity, equity and inclusion. Being awarded Top Employer 10 years in a row demonstrates to our future employees that JTI is a great place to work. This certification is a key component in attracting and retaining top talent,” said Guergana Andreeva, senior vice president of people and culture, in a statement.

    JTI is one of 17 companies to be honored with the Global Top Employer award. Eleven countries where JTI has a presence were ranked No. 1. Globally, JTI ensures that its employees and their families have best-in-class support thanks to its global family leave policy aiming to provide equal opportunities for both parents to spend time with their newborn, according to JTI.

    JTI has also implemented new flexible working measures, which allow employees to choose how, when and where they work, and with the help of the employee resource groups, the company provides great support to various underrepresented groups, including, but not limited to, supporting females in leadership roles and LGBTQ+ communities.

    “While we are very pleased to have received the Global Top Employer certification for the 10th consecutive year, we are even more delighted that the various initiatives we have put in place in our locations across the world have helped improve our employees’ well-being, job satisfaction and opportunities to continue to develop their careers. JTI was awarded the Top Employer certification thanks to its 46,000 employees of 119 different nationalities who set goals and commit to achieving them,” Andreeva added.

  • Egypt: Philip Morris Cleans Up Nile River

    Egypt: Philip Morris Cleans Up Nile River

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    Philip Morris Misr organized a campaign to clean up the Nile River as part of its social responsibility initiatives, according to Daily News Egypt. The campaign aimed to raise awareness of the importance of protecting the Nile River from pollution and enhancing environmental sustainability.

    “Our corporate strategy is based on implementing and consolidating sustainability standards,” said Ali N. Karaman, managing director of Philip Morris Egypt and Levant. “We are committed to fulfilling our social responsibility by engaging in activities that serve the needs and requirements of the local communities. Philip Morris Misr is keen to organize annual events that promote environmental awareness.”

    The campaign included various activities to collect waste from the Nile River and educate people on proper waste disposal methods, aiming to highlight negative impacts of water pollution.

    Philip Morris has strengthened its commitment to environmental sustainability recently, with plans to make plants carbon neutral by 2030. Philip Morris has made steps toward this goal, installing wind turbines, solar panels and electric vehicle charging stations at its facilities and performing awareness activities on proper disposal of cigarettes.

  • Indonesia: Bentoel Delisted

    Indonesia: Bentoel Delisted

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    Bentoel International Investama, BAT’s Indonesian unit, has officially been delisted from the Indonesia Stock Exchange (IDX), according to the Jakarta Globe. Bentoel has been listed on the IDX since 1990.

    “IDX approves the removal of the company’s securities listing on the stock exchange, effective on Tuesday,” the IDX announced. “If the company wishes to re-list its shares on the IDX, the process can be carried out under applicable regulations.”

    Bentoel Group has become the fourth-largest tobacco company in Indonesia, following Sampoerna, Gudang Garam and Djarum. The company produced local brands such as Bentoel Biru, Tali Jagat, Bintang Buana, Sejati, Neo Mild and Uno Mild.

    In the first six months of 2023, Bentoel’s revenues were IDR4.31 trillion ($275.5 million), a 27.37 percent increase from the previous year. Net profit in the first semester of 2023 was IDR35.49 billion, up 121.83 percent from the previous year period.

  • Japan Tobacco Appoints Executive Members

    Japan Tobacco Appoints Executive Members

    Image: Andrii Yalanskyi

    Japan Tobacco has appointed new executive members to the board of directors.

    Koji Shimayoshi has been appointed as executive vice president (effective Jan. 1, 2024) and representative director (effective March 22, 2024). Shimayoshi is currently executive vice president of JT International. He joined JT in April 1993.

    Shimayoshi will take the place of Kiyohide Hirowatari, who will become a member of the board, effective Jan. 1, 2024. Hirowatari will resign as member of the board upon conclusion of the 39th annual general meeting of shareholders scheduled for March 22, 2024.

    Hiroko Yamashina and Kenji Asakura have been appointed members of the board, effective March 22, 2024. Yamashina is currently a member of the audit and supervisory board, and Asakura is currently representative director and chairman of Nagase and Co. Ltd. Main Kohda will resign as member of the board, effective March 22, 2024. Emiko Takeishi will also join the audit and supervisory board as a member.

    Igo Dzaja will take on the role of senior vice president of marketing and tobacco business for Japan, effective Jan. 1, 2024. Kazuyuki Inui will take on the role of senior vice president of sales and tobacco business for Japan, effective Jan. 1, 2024. The following executive directors will resign effective Dec. 31, 2023: Eiichi Kiyokawa, Chigusa Ogawa and Shuici Hirosue.

  • PMI Expands IQOS in Middle East

    PMI Expands IQOS in Middle East

    Image: TRITOOTH

    Philip Morris International has launched IQOS Iluma in Saudi Arabia, Kuwait and Bahrain, with a goal of creating a smoke-free future in the Gulf Cooperation Council region, according to the Saudi Gazette.

    “Adult smokers may be unaware of the choices they are making, largely due to the lack of information and knowledge on products that bring them harm, versus scientifically backed products that reduce the likelihood of smoking-related disease,” said Tarkan Demirbas, area vice president of the Middle East at Philip Morris Management Services (Middle East) Limited. “At PMI, we are invested in providing existing adult smokers with better alternatives through harm reduction innovations, which can help them take a step back from cigarettes toward better alternatives.”

    “Smoking-related diseases today call for a pragmatic solution that places consumers at the forefront while moving away from cigarettes,” said Saim Yasin, director of marketing and digital at PMMS. “IQOS Iluma is our latest innovation in tobacco-heating systems that will accelerate our goal toward a smoke-free future. Through a growing portfolio of smoke-free alternatives, we are reaffirming our commitment to create realistic, society-wide change that can reimagine the world we are living in—without cigarettes.”

    The IQOS Iluma series offers three devices: IQOS Iluma Prime, IQOS Iluma and IQOS Iluma One. All the devices use new induction heating technology but offer different designs.

  • KT&G to Buy Back Shares

    KT&G to Buy Back Shares

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    KT&G will spend KRW2.8 trillion ($2.1 billion) to buy back shares and provide dividends to shareholders over the next three years, according to Yonhap News Agency. The company will buy back KRW1 trillion in shares for cancellation and distribute KRW1.8 trillion in cash dividends.

    “Seventy percent of KT&G shareholders are long-term investors who have kept KT&G stocks for more than three years. The government is known to be considering providing incentives to companies which cancel their own shares,” the company said during the Value Day 2023 event.

    KT&G aims to maintain a debt-to-equity ratio in the lower 40 percent range over the next three years. At the end of September 2023, its debt-to-equity ratio was 40.6 percent.

  • BAT Strengthens Organigram Partnership

    BAT Strengthens Organigram Partnership

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    BAT is investing some £74 million ($91.68 million) in its partnership with Organigram and increasing its equity position from 19 percent to 45 percent.

    This investment is intended to deepen the strategic relationship between Organigram Holdings and BAT, which has strengthened since BAT’s initial investment and the establishment of the Product Development Collaboration (PDC) in March 2021. The PDC was set up to leverage the expertise of both companies in order to develop the next generation of noncombustible cannabis products.

    In a statement, BAT said it has been pleased with Organigram’s performance and continues to be impressed by the careful financial governance of the company. “BAT also remains supportive of the category stewardship displayed by Organigram’s management team, particularly in response to tough market conditions,” BAT wrote. “These factors give BAT confidence that the new investment can position Organigram to capitalize on market opportunities and deliver incremental value for both companies.”

    The majority of the investment will be allocated for Organigram to establish a strategic investment pool, intended to be applied for emerging opportunities within the cannabis space to accelerate Organigram’s growth and to support geographic, technological and product expansion. According to BAT, the investment remains subject to customary conditions, including necessary approvals by the shareholders of Organigram.

    “This investment bolsters an already strong balance sheet and solidifies our position as a leading cannabis company. In addition, this deepens the strategic partnership between Organigram and BAT, and we look forward to continuing to leverage BAT’s global capabilities and scientific expertise,” said Organigram CEO Beena Goldenberg in a statement.