Philip Morris International completed the acquisition of a 14.7% stake in Eastern Company.

Philip Morris International, an American multinational tobacco company, completed the acquisition of a 14.7% stake in Eastern Company, an Egypt-based cigarette, cigars and pipe tobacco manufacturer. Financial terms were not disclosed. "We look forward to exploring potential areas of cooperation with Eastern, including opportunities to provide adult smokers in Egypt with better options than cigarettes,” Fred de Wilde, PMI President for South and Southeast Asia, Commonwealth of Independent States, Middle East, and Africa.