Philip Morris makes e-cig acquisition

|About: Philip Morris Internationa... (PM)|By:, SA News Editor

After cutting its earnings forecast this morning, Philp Morris (PM -2.9%) has announced a new e-cigarette acquisition. The company has purchased Nicocigs, in attempt to stay ahead of the game in the fast growing e-cig market. Nicocigs is Britain's largest electronic cigarette maker, and dominates over 27% of the U.K. market.

Philip Morris already has a licensing and distribution agreement with Altria (MO -0.8%), but the Nicocig purchase marks the company's first actual e-cigarette product.