Philip Morris Int'l (PM) announced plans Monday to build a $320 million facility in Germany focused on manufacturing smoke-free products.
The Dresden facility will employ 500 workers to manufacture HEETS, the tobacco units that are used with electronic tobacco heating devices. Construction will begin later this year and the facility will become operational in early 2019.
Tobacco heating devices, called IQOS, have been available in Germany since last summer. Philip Morris CEO Andre Calantzopoulos said the company is dedicated to meeting demand for "potentially less harmful alternatives to cigarettes."
Philip Morris stock traded up almost 1% at the market close.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.