Philip Morris opens new research center
By MICHAEL FELBERBAUM, Associated Press
RICHMOND, Va. - With waning cigarette sales due to concerns about health, smoking bans and price increases, Philip Morris USA is staking its future in a new research center meant to develop products to reduce the risk of tobacco use.
The addition of the $350 million, 450,000-square-foot Center for Research and Technology, with its facade of large windows, nearly doubles the company’s research space and gives the Richmond company’s scientists and engineers one facility to collaborate on new projects.
The center, which is currently occupied by about 100 employees, will be home to 500 scientists, engineers and support staff by the end of the year.
“The investment is large … and we’re pretty sure that it will bear fruit for Philip Morris USA both in terms of volume and profitability in the years ahead,” Dinyar Devitre, chief financial officer for its parent company, Altria Group Inc., told analysts in a conference call last month on the company’s third-quarter results. Read more » »
October 29th, 2007 | No Comments »