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Philip Morris Pledges Almost $1 Billion to Anti-Smoking Fight

September 13, 2017

Via: Fortune
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Marlboro-maker Philip Morris International (PMI), which is trying to kick the cigarette habit in favor of “smoke-free” alternatives, has pledged almost $1 billion to the fight against traditional burn-based smoking.

Philip Morris (PM, -0.75%) said Wednesday that it would contribute around $80 million each year, for the next 12 years, to a new non-profit organization called the Foundation for a Smoke-Free World. Although the foundation is supposedly independent, the tobacco giant is so far its only contributor.

The foundation will be headed up by Derek Yach, a former World Health Organization (WHO) executive who has been a notable advocate for the switch to e-cigarettes that heat, rather than burn, nicotine-packed substances.

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