Fortune Tobacco
Encyclopedia
Fortune Tobacco Corporation used to be a private Philippine tobacco
company that produces cigarettes, and with subsidiaries Tanduay Distillers and Asia Brewery
, produces beer
, liquor and bottled water
.
Originally the company was majority-owned by businessman Lucio Tan
, who established it in 1966 and was controlled by the Philippine government, after it was seized by the Presidential Commission on Good Governance in 1987, when the Sandiganbayan returned the company to Tan.
In February 2010 the company joined Philip Morris International
.
Philip Morris Philippines Manufacturing Inc. (PMPMI), an affiliate of PMI (Philip Morris International)
, and Fortune Tobacco Corporation (FTC), have signed an agreement to unite their respective business activities by transferring selected assets and liabilities of PMPMI and FTC to a new company to be called PMFTC, with each party holding an equal economic interest. The Chairman of PMFTC will be Mr. Lucio Tan, currently Chairman of FTC. PMI will manage the day-to-day operations of PMFTC.
Tobacco
Tobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines...
company that produces cigarettes, and with subsidiaries Tanduay Distillers and Asia Brewery
Asia Brewery
Asia Brewery is a brewery founded in 1982 in Makati City, the Philippines. It is one of only two breweries in the Philippines, and is the smaller of the two, with only 10% market share...
, produces beer
Beer
Beer is the world's most widely consumed andprobably oldest alcoholic beverage; it is the third most popular drink overall, after water and tea. It is produced by the brewing and fermentation of sugars, mainly derived from malted cereal grains, most commonly malted barley and malted wheat...
, liquor and bottled water
Bottled water
Bottled water is drinking water packaged in plastic or glass water bottles. Bottled water may be carbonated or not...
.
Originally the company was majority-owned by businessman Lucio Tan
Lucio Tan
Lucio Tan is a prominent Chinese Filipino business magnate and is one of the most prominent business magnates in the Philippines...
, who established it in 1966 and was controlled by the Philippine government, after it was seized by the Presidential Commission on Good Governance in 1987, when the Sandiganbayan returned the company to Tan.
In February 2010 the company joined Philip Morris International
Philip Morris International
Philip Morris International is an international tobacco company, with products sold in over 160 countries. In 2007, it held a 15.6% share of the international cigarette market outside of the USA and reported revenues net of excise taxes of $22.8 billion and operating income of $8.9 billion.Until...
.
Philip Morris Philippines Manufacturing Inc. (PMPMI), an affiliate of PMI (Philip Morris International)
Philip Morris International
Philip Morris International is an international tobacco company, with products sold in over 160 countries. In 2007, it held a 15.6% share of the international cigarette market outside of the USA and reported revenues net of excise taxes of $22.8 billion and operating income of $8.9 billion.Until...
, and Fortune Tobacco Corporation (FTC), have signed an agreement to unite their respective business activities by transferring selected assets and liabilities of PMPMI and FTC to a new company to be called PMFTC, with each party holding an equal economic interest. The Chairman of PMFTC will be Mr. Lucio Tan, currently Chairman of FTC. PMI will manage the day-to-day operations of PMFTC.