Imperial Brands has plans to use the profits from the sale to pay down 12 billion pounds of debt and invest in new vaping products. This comes as the tobacco industry continues to see a decline in traditional combustible tobacco products and consumers seek out alternatives. According to a report from Reuters, Imperial’s premium cigar business generated sales of over 300 million pounds and 80 million pounds in profit before tax in the year to September 2019. After taxes and other costs, net cash proceeds from he sale is expected to amount to about 1.09 billion euros.
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