According to a report by Hearst on March 4th, Philip Morris International announced a donation of $5 million to the non-profit organization Women's Business Development Council. This is a record-breaking private sector donation to the local organization, aimed at supporting the council's newly launched project - the Women's Economic Empowerment Program, which seeks to enhance state government efforts to assist professional women and working families.
Stacey Kennedy, CEO of PMI's U.S. operations, stated, "Over the past 25 years, the organization has helped women start and sustain approximately 14,000 businesses, which now employ over 31,000 people in the state. The impact on the women directly involved, their next generations, and the daily lives within the community is truly life-changing." Kennedy confirmed that funds will be allocated at a rate of $1 million per year from 2025 to 2029.
The Women's Economic Empowerment Plan will complement existing programs of the committee, including two important initiatives launched during the COVID-19 pandemic: the Equity Matching Grant Program and the Child Care Business Support Program.
The founder and CEO of the committee, Fran Pastore, said, "We will be responsible for managing these funds, using them wisely, continuing to invest in the community, and creating necessary living conditions for the most vulnerable groups.
Pastor emphasized, "We will spend money carefully, always ensuring that these funds benefit those who need it most." However, smoking remains an important source of revenue for Philip Morris, a Fortune 500 company with a total revenue exceeding 35 billion dollars in 2023. Last year, the company shipped around 613 billion cigarettes globally, a 1.4% decrease from 2022.
In the fourth quarter of 2023, nearly 40% of Philip Morris' net income came from "smoke-free products," and the company plans to increase the share of revenue from its smoke-free business to over 50% by the end of 2025. PMI's smoke-free products include ZYN nicotine pouches, a brand that was added to its portfolio when it acquired another tobacco company, Swedish Match, in 2022. In the future, the company plans to launch IQOS heated tobacco products in two states this year, although the specific details of these states have not been disclosed.
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