|Real-time Estimate - 01/18 10:55:26 am|
British American Tobacco : Buys Dryft Modern Oral Business for Undisclosed Sum
|11/03/2020 | 02:41am|
By Anthony O. Goriainoff
British American Tobacco PLC said Tuesday that it was expanding its U.S. portfolio in modern-oral products by acquiring the nicotine-pouch product assets of Dryft Sciences, LLC for an undisclosed amount.
The FTSE 100 tobacco company said the acquisition expands the portfolio's product variants to 28 from four.
The company said it will rebrand Dryft's--a U.S.-based modern oral nicotine product company--U.S. portfolio under its VELO brand and that it expects to accelerate growth through its distribution, marketing and channel capabilities.
British American Tobacco added that it expects to accelerate the growth of its new category revenue at a faster rate than its total revenue, and that it expects revenue in 2025 to reach 5 billion pounds ($6.46 billion).
Write to Anthony O. Goriainoff at email@example.com
(END) Dow Jones Newswires