March 27, 2003

Antitrust Authority decision ignores State control of Italian cigarette market

Philip Morris International ("Philip Morris") said it will appeal the decision of the Italian Antitrust Authority finding that the Italian State tobacco monopoly and Philip Morris had engaged in unlawful conduct.

"The Antitrust Authority has condemned Philip Morris for implementing price increases that were required by the Italian State as part of its fiscal and budget policies", said Mark Friedman, Vice President and Associate General Counsel of Philip Morris. "This decision ignores the reality that the cigarette market in Italy has been controlled by the Italian State for many years principally through the State monopoly, which has carried out the State's objectives regarding cigarette manufacturing, distribution, and revenue collection in Italy," said Mr. Friedman.

About philip morris international inc.

PMI is the world’s leading international tobacco company, with six ot the world’s top 15 international brands and products sold in more than 180 markets. In addition to the manufacture and sale of cigarettes, including Marlboro, the number one global cigarette brand, and other tobacco products, PMI is engaged in the developement and commercialization of Reduced-Risk Products (RRPs). RRPs is the term PMI uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking cigarettes. Through multidisciplinary capabalities in product development, state-of-the-art facilities, and indusrty-leading scientific substantiation, PMI aims to provide an RRP portfolio that meets a broad spectrum of adult smoker preferences and rigorous regulatory requirements.

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