Philip Morris International (PMI) announced a new U.S. investment plan that will bring the company’s total U.S.‑related spending to more than $20 billion since 2022. The plan includes an additional $1 billion invested through September 30, 2025, and a new $1 billion commitment for 2025‑2026 to expand manufacturing, commercial capabilities and the workforce.
The bulk of the investment stems from the 2022 acquisition of Swedish Match, which added a $19 billion cost to PMI’s U.S. portfolio and unlocked a large nicotine‑pouch and heated‑tobacco business. The 2025 cumulative $1 billion reflects ongoing capital deployment in U.S. facilities and the launch of new product lines, including the pending FDA‑approved IQOS ILUMA and the growing ZYN nicotine pouch brand.
Infrastructure projects in Colorado, Kentucky and North Carolina are expected to create more than 1,000 direct jobs and 1,500 indirect jobs, with an estimated annual economic impact of over $800 million. The facilities will focus on high‑skill manufacturing, reinforcing PMI’s commitment to advanced production and local community development.
Strategically, the investment underpins PMI’s “smoke‑free transformation” in the United States. By deepening U.S. manufacturing capacity, the company aims to secure its supply chain, accelerate the rollout of IQOS ILUMA once FDA approval is obtained, and expand the ZYN portfolio in a market that is increasingly favoring reduced‑risk products. The move also positions PMI to capture a larger share of the growing U.S. nicotine market while maintaining regulatory compliance through its strong track record of MRTP and PMTA approvals.
Financially, PMI’s 2024 results—net revenues of $37.9 billion and operating cash flow of $12.2 billion—demonstrate the cash‑generating power that supports the investment. The company has also donated more than $35 million to charitable causes since 2022, underscoring its commitment to community impact alongside commercial growth.
“We are investing in America’s future by building high‑skill jobs and expanding our smoke‑free product portfolio,” said Stacey Kennedy, CEO of PMI U.S. “This plan strengthens our supply chain, supports local economies, and accelerates the transition to a smoke‑free future.”
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