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Philip Morris relocates to Lausanne

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Philip Morris has decided to transfer the headquarters of its international tobacco activities from New York to Lausanne.

The move is aimed at speeding up the company's decision-making process by alleviating the time difference between major markets.

The move will be completed in a year's time. The details of the new operation in Lausanne will be released in three months.

The tobacco giant's business activities in Europe, Africa and the Middle East are already handled from Lausanne, and there has been a Philip Morris office in the city since 1964

Philip Morris had a net profit of SFr20 billion ($12.28 billion) in the first nine months of last year, a five per cent rise on the same period for the previous year.

swissinfo with agencies


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