British American Tobacco wipes $31.5 billion off value of US cigarette brands
British American Tobacco (BAT) will take a hit of around $31.5 billion as it writes down the value of Camel, Pall Mall and other US cigarette brands, the company said Wednesday, acknowledging that its traditional market has no long-term future.
The move by the maker of Lucky Strike and Dunhill cigarettes
comes as ever-stricter regulation and growing awareness of health risks squeeze tobacco companies’ traditional business, driving declines in cigarette volumes in some markets.
https://edition.cnn.com/2023/12/06/business/bat-cigarette-brands-writedown/index.html
