This is the strategic component that has generated most value for our shareholders.
The sale of cigarette operations in 1999 was a major strategic decision. These operations no longer suited the Group structure, given the requirements we imposed for profitable growth. Meanwhile, the sale released capital that was used to acquire cigar operations in the US, both premium and machine-made varieties.
Our entire US cigar business is based on acquisitions. The acquisition strategy is based on strengthening our market positions by acquiring operations that supplement our portfolio and create production, sales and distribution synergies.
