HENRICO COUNTY, Va. (WRIC) — Henrico-based cigarette manufacturer Altria has announced that it has completed its acquisition of NJOY Holdings, Inc., a company that makes vapes, or electronic cigarettes.
According to a release from Altria, the acquisition is part of the company’s ongoing expansion into the smoke-free tobacco market.
“The completion of this Transaction is a transformative step in our goal of Moving Beyond Smoking,” said Altria CEO Billy Gifford. “We are pleased to have received antitrust clearance and we are now fully focused on responsibly accelerating U.S. adult smoker and adult vaper adoption of NJOY ACE, currently the only pod-based e-vapor product to receive marketing authorization from the FDA.”
According to the release, NJOY products will be marketed by NJOY, LLC, which will be a wholly-owned subsidiary of Altria. Shannon Leistra, who has previously worked as Altria’s senior vice president and consumer experience officer, will assume the roles of president and CEO of NJOY.
Altria bought a 35% stake in Juul for $12.8 billion in 2018 before it was reported that the investment lost more than 95% of its value while Jull was in the middle of a series of lawsuits — including one from the state of Virginia which alleged that Juul’s marketing preyed on young people.
