Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
RICHMOND, Va. (AP) - Marlboro maker Altria Group Inc. says it is buying electronic cigarette company Green Smoke Inc. for about $110 million.
The Richmond, Va.-based owner of Philip Morris USA said Monday that the transaction is expected to close in the second quarter.
The deal with Altria's Nu Mark subsidiary also includes up to $20 million in incentive payments.
Altria began test marketing its own electronic cigarette under the MarkTen brand in August.
The company says Green Smoke's experience in the category, along with its supply chain, products and customer service, will complement its business.
Green Smoke was founded in 2008 and has operations in the U.S. and Israel. Its revenue in 2013 was about $40 million.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)