Imperial Brands PLC sells Cigar business for $1.32B

Imperial Brands PLC has sold its Worldwide Premium Cigar Business for $1.32B to Gemstone Investment Holding and Allied Cigar Corporation.



"This disposal reinforces our strategic ambition of becoming a leaner and more agile organization and the proceeds will realize value for shareholders by reducing debt as part of our ongoing focus on active capital management"
Dominic Brisby and Joerg Biebernick, Joint Interim Chief Executives for Imperial Brands PLC

Imperial plans to use the proceeds from the sale to pay down their debt and will keep its machine-made cigar business, whose most popular brand is Backwoods.

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