Altria takes another $4 billion hit on Juul investment, revises deal terms

) took another $4 billion charge on its investment in Juul Labs Inc and said it had reworked its deal terms with the embattled e-cigarette maker, which is facing increased regulatory scrutiny amid a backlash against vaping.

“I’m highly disappointed in the financial performance of the Juul investment,” Altria Chief Executive Officer Howard Willard said on a post-earnings call.Factbox: U.S. lawsuits take aim at vaping “It’s a major black eye for the management. It’s a major strategic mistake in hindsight,” CFRA Research analyst Garrett Nelson said.

FILE PHOTO: A hand with a cigarette is seen in front of displayed logos of Philip Morris and Altria in this picture illustration taken September 26, 2019. REUTERS/Dado Ruvic/Illustration Willard added he was “optimistic” that data from a federal youth tobacco survey would be released before the FDA made its decision on the applications and that it shows a reduction in youth usage of e-vapor products.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Altria Takes $4.1 Billion Charge on Juul InvestmentThe tobacco giant took another big charge on its investment in Juul Labs and stripped down its agreement to provide services to the startup as it weathers regulatory crackdowns on the e-cigarette market. How did Juul slip through the cracks and become a thing in the 1st place? Good grief, how obvious should it have been that it's horrible for the lungs? Where was the US_FDA? And no one is challenging the ability of the Feds to regulate this product... pathetic. Not before they got half our high school kids addicted.
Source: WSJ - 🏆 98. / 63 Read more »

Altria is taking a $4.1 billion charge on its investment in JuulAltria said on Thursday it recorded a $4.1 billion charge in the fourth quarter for its investment in Juul Labs Inc, nearly three months after taking a $4.5 billion charge in the e-cigarette maker.
Source: CNBC - 🏆 12. / 72 Read more »

Altria is taking a $4.1 billion charge on its investment in JuulAltria said on Thursday it recorded a $4.1 billion charge in the fourth quarter for its investment in Juul Labs Inc, nearly three months after taking a $4.5 billion charge in the e-cigarette maker.
Source: CNBC - 🏆 12. / 72 Read more »