Philip Morris International, a 179-year-old tobacco giant, has announced the closure of its Richmond, VA office, resulting in 135 permanent job cuts. The move is part of the company's shift towards a 'smoke-free' future, focusing on products like ZYN pouches. The company filed a WARN letter with the Virginia Employment Commission on January 28, indicating that affected workers will be offered alternative positions in other states, with job losses starting on April 17, 2026.

This closure comes as Philip Morris restructures its US operations following its $16 billion acquisition of Swedish Match in 2022. The company's stock has risen 37% over the past year, driven by strong performance in its 'smoke-free' products. However, the transition has led to significant layoffs, including 372 jobs lost in the closure of cigarette manufacturing plants in Berlin and Dresden.

Investors will be watching closely as Philip Morris releases its fourth-quarter financial results on February 6. Analysts expect revenue of $10.4 billion and earnings per share of $1.67. The company's restructuring and focus on 'smoke-free' products have been met with investor optimism, despite challenges such as regulatory battles over ZYN pouches and increasing competition from peers like British American Tobacco and Japan Tobacco.