Business

Altria pushes into the e-cigarette industry

Altria owns Marlboro maker PhillipMorrisUSA.
Altria owns Marlboro maker PhillipMorrisUSA. Andrew Harrer /Bloomberg/File

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Cigarette maker Altria Group Inc. agreed to buy Green Smoke Inc. for about $110 million in cash, adding to a growing trend of big tobacco firms jumping into the e-cigarette market. Green Smoke has operations in the United States and Israel and has sold e-cigarette products since 2009. Its revenue last year was about $40 million, a fraction of Altria’s $24.5 billion. Altria’s stock, however, fell as investors raise concerns over unknowns in the e-cigarette industry and whether Altria’s investment capital could be put to better uses.

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