Philip Morris International is moving its corporate headquarters from New York to Connecticut.
The company said today that the relocation will bring about 200 new jobs to Connecticut. The new office will include employees on the Americas teams and members of other corporate functions. Its operations center will stay in Lausanne, Switzerland.
Philip Morris split off from Altria years ago. The breakup gave it more leeway to pursue sales growth in emerging markets. Philip Morris has handled international sales for Marlboro cigarettes and has churned out new Marlboro-branded products catering to local tastes in Asia, Europe, Latin America and other regions.
But like many companies dealing with declining cigarette sales, it has been investing in alternatives. This includes a heat-not-burn cigarette option, iQOS.
Philip Morris’ new headquarters are expected to be running by the summer of 2022.