Swedish Match

For the yacht, see Swedish Match (yacht).
Swedish Match AB
Publicly traded Aktiebolag
Traded as OMX: SWMA
Industry Personal & household goods[1]
Fate Svenska Tändsticks AB
Jönköpings Tändsticksfabrik[2]
Svenska Tobaksmonopolet[2]
Founded 1915 (1915)[2]
Headquarters Stockholm, Sweden
Key people
 Conny Karlsson (Board chairman), Lars Dahlgren (President and CEO)[3]
Products

[3]

Revenue Increase SEK 13.305 billion (2014)[3]
Decrease SEK 3.780 billion (2014)[3]
Decrease SEK 2.626 billion (2014)[3]
Total assets Increase SEK 16.573 billion (2014)[3]
Total equity Increase SEK 279 million (2014)[3]
Number of employees
 4,395 (2015)[3]
Website www.swedishmatch.com

Swedish Match is a Swedish company based in Stockholm that makes snus, moist snuff, and chewing tobacco (with its Red Man brand). These products are known as moist smokeless tobacco. The company also makes machine-made cigars, matches, lighters as well as razors, batteries, light bulbs and tooth picks. Swedish Match operates in nine countries and has approximately 4,395 employees.[3] The products are sold in more than 100 countries worldwide.[4] The Swedish Match share has been listed on Nasdaq Stockholm, large cap segment, since 1996, with the ticker symbol SWMA.[5] It is also listed on the OMX GES Sustainability Index Sweden and is traded on BATS Chi-X.[3] In 2014, the group had total sales of 13,305 MSEK and an operating profit from product areas of 3,446 MSEK.[3] In 2014, snus and moist snuff accounted for 38 percent of sales and 62 percent of Swedish Match’s operating profit.[3]

Exterior of Swedish Match headquarters at Sveavägen, Stockholm, as of 2015
Exterior of previous Swedish Match headquarters in Stockholm
Courtyard of previous Swedish Match headquarters in Stockholm

History

The operations of Swedish Match originate from two companies: Svenska Tobaksmonopolet, a tobacco monopoly owned by the Swedish state and founded in 1915, and Svenska Tändsticks Aktiebolaget (STAB), a match manufacturing company founded in 1917 by Ivar Kreuger (also known as the ”Match King”) in connection with the acquisition of Jönköpings Tändsticksfabrik.[2][6] In 1992, the tobacco and lights operations were joined in the Procordia Group. Two years later, they were merged into an independent company named Swedish Match, which became publicly listed in 1996.[2]

Svenska Tändsticks AB (STAB)
In 1917, Ivar Kreuger founded Svenska Tändsticks Aktiebolaget (STAB) in Jönköping (also known as "City of the matches").[2][6] It was a merger between Aktiebolaget Förenade Tändsticksfabriker and Jönköpings & Vulcans Tändsticksfabriksaktiebolag.[2] A year later, STAB was listed on the Stockholm Stock Exchange.[2][7] By expanding through acquisition of government-created monopolies by lending money to the governments, and through mergers with for instance the British match company Bryant and May in 1927, it became the world's largest match manufacturer.[6][8] In 1930, the company controlled 60 percent of the world’s match production and was the sole owner of match companies in 33 countries.[2]

Following the death of Ivar Kreuger in 1932, the ownership structure in STAB changed and a number of factories were liquidated. During 1938, STAB’s share of the world’s matchmaking fell to 20 percent.[2] When the match market declined sharply in the 1950s, STAB looked for new business ventures and acquired more than 50 companies between 1968 and 1976.[2]

In 1980, Svenska Tändsticks AB changed its name to Swedish Match to create unity throughout the group.[2] In 1988 the company was acquired by Stora AB and was sold two years later to Nederlight.[9][10][11] After another two years, Procordia acquired Swedish Match.[2]

AB Svenska Tobaksmonopolet
In 1915, the Swedish government founded AB Svenska Tobaksmonopolet and nationalized all Swedish tobacco production plants. The monopoly was introduced in order to give the government funds to finance the country’s military defense and a new national pension system.[2]

During the 1960s, the monopoly on production, import and sale of tobacco was abolished in Sweden. Svenska Tobaksmonopolet was converted to a new state-owned company named Svenska Tobaks AB.[2] In 1971, the ownership of the tobacco group was transferred to Statsföretag AB, a state-owned conglomerate, which in 1984 was renamed Procordia.[2]

As a result of the monopoly being abolished and in order to broaden the market, the Dutch cigar company Elisabeth Bas/La Paz (EBAS), the American tobacco manufacturer Pinkerton Tobacco Company (maker of Red Man, a chewing tobacco brand introduced in the US in 1904) and the Dutch cigar producer Willem II were acquired between 1968 and 1989.[2][12] In 1989, Procodia was listed on the Stockholm Stock Exchange. Volvo acquired part of Procordia in 1990 and became the principal owner together with the Swedish government.[2] To complement the tobacco business, Procordia, in 1992, acquired the match and lighter company Swedish Match from Nederlight.[2]

Swedish Match AB
In 1992, the listed company Procordia acquired the match and lighter business named Swedish Match. The operations of Swedish Match were integrated with Procordia United Brands, one of Procordia’s business operations, and was renamed Swedish Match to take advantage of international name recognition. In 1994, Swedish Match functioned as an independent company and was later, in 1996, listed on the OMX Nordic Exchange Stockholm AB and on Nasdaq.[2][4]

In 1999, the company sold its cigarette manufacturing to Austria Tabak but is still active as a distributor of cigarettes on the Swedish market.[2] In the same year, Swedish Match expanded its cooperation with PT. Java Match Factory (Jamafac), the biggest safety matches manufacturer in Indonesia, to a joint venture agreement in order to strengthen its position within lights and matches in Southeast Asia. Jamafac was divested in 2005 and now has a license agreement with Swedish Match to produce matches and distribute Cricket lighters in Indonesia.[13][14][15]

In 2009, Swedish Match entered an agreement with Philip Morris International and formed the joint venture company SWPM International for exploring and developing new markets for snus and other smokefree tobacco products outside Scandinavia and the United States.[16] The companies have an ownership of 50 percent each in SWMP International.[17]

In 2010, Swedish Match and Scandinavian Tobacco Group (STG) formed a new company specialized in cigars. Swedish Match brought its entire cigar business (with the exception of U.S. mass market cigars) and pipe tobacco into the new company, while STG transferred all of its tobacco business. The new company took over the name Scandinavian Tobacco Group. Swedish Match became a partner with 49 percent of the company, and the remaining shares are owned by Skandinavisk Holding A/S.[2][18][19][20][21]

Snus, a tobacco product marketed by Swedish Match

Operations

Snus, moist snuff, cigars, chewing tobacco, matches and lighters are Swedish Match’s main products. They are developed, manufactured, distributed, marketed and sold through the company’s five operating units.[4][22][23]The company also sells razors, batteries, light bulbs, and tooth picks on the Brazilian market.[3][24]

Scandinavia Division
The Scandinavia Division is responsible for the supply chain management for the Group’s smokeless tobacco products (snus, moist snuff and chewing tobacco). It is also in charge of production, product development, marketing and sales of snus in Sweden and Norway. In addition to this, the division is responsible for the Group’s product development. The head office is located in Sweden.

US Division
The US Division manages sales and marketing for snus, moist snuff and chewing tobacco in the US. It also handles marketing and supply chain management for mass market cigars on the US market. The head office is located in the US.

Lights Latin America
The division Lights Latin America manufactures and markets matches and lighters in Latin America. It also sells razors, batteries, light bulbs, and tooth picks. The head office is based in Brazil.

Lights International
Produces lights and matches in the Netherlands, the Philippines and Sweden. The division also manufactures and markets these products outside Latin America. The head office is located in Sweden.

SMD Logistics AB
The SMD Logistics AB division, distributes mainly tobacco products to the Swedish market, approximately 10,000 stores, as well as over-the-counter drugs. The head office is located in Sweden.

Partnerships
Swedish Match has two partnerships: SMPM International and Scandinavian Tobacco Group. SMPM International is a joint venture company equally owned by Swedish Match and Philip Morris. The company markets and sells snus outside Scandinavia and the US. Scandinavian Tobacco Group, of which Swedish Match owns 49 percent, is specialized in cigars, pipe tobacco and fine cut tobacco.

Operating locations and factories

Swedish Match operates in nine countries and has production units in six of these: Brazil, the Dominican Republic, the Netherlands, the Philippines, Sweden and the US.[22] The company has 12 factories, of which ten, in 2013, had ISO 9001 and ISO 14001 certifications.[25][26][27]

The table below presents an overview of Swedish Match's operations as of 2014:[3]

Country Activity Factory Number of employees
Sweden Head office, production units and sales offices Snus, matches 1,038
US Production units and sales offices Moist snuff, chewing tobacco 1,147
Dominican Republic Production unit Cigars 1,101
Brazil Production units and sales offices Lights 672
The Philippines Production units and sales offices Lights 268
Netherlands Production unit Lights 101
Norway Sales offices No 48
Turkey Sales offices No 15
Belgium Treasury and Public Affairs offices No 3

Production of matches and lighters
The matches produced by Swedish Match are safety matches and are manufactured in Sweden and Brazil.[28] The entity that produces matches in Sweden, Swedish Match Industries AB, is since 2009 certified according to the Forest Stewardship Council chain of custody standard and the standard for controlled wood.[28] The matches are manufactured according to the European match standards EN 1783:1997.[29][28] 40 percent of the production is sold in Europe and 60 percent to Africa, Central America, The Caribbean, Oceania and the Middle East.[30] The Swedish manufacturing facilities are located in Tidaholm and Vetlanda.[28][31][32] In Brazil, 95% of the wood consumption for safety matches and matchboxes is from Swedish Match’s own plantations which are part of Brazilian reforestation projects. The match manufacturing facilities in Brazil (Curitiba and Piraí do Sul) are not certified by ISO.[3][33] Swedish Match produces lighters in the Philippines, the Netherlands and Brazil.[3] The company’s main lighter brand, Cricket, is manufactured according to ISO 9994:2006 and EN 13869 (child resistance), which are mandatory in the European Economic Community.[28]

Workplace and safety

In 2014, Swedish Match employed 4,395 people of whom 37 percent were women.[25] In 2014, 75 percent of the employees were based in either the US, Sweden, or the Dominican Republic.[3] All manufacturing facilities have health and safety committees that provide safety training and wellness programs to employees.[28]

Every year, Aon performs two audits of compliance at Swedish Match’s manufacturing facilities. They inspect supplier contracts, human rights, occupational health and safety within the areas of social responsibility, workplace practices, business ethics and environment, and the absence of child labor and forced labor.[28] Swedish Match is a member in the ECLT Foundation (Eliminating Child Labour in Tobacco Growing) and is represented on the Board.[28] The table presents employee related data from Swedish Match for 2011,2012, 2013 and 2014:[34][28]

Occupational health and safety 2014 2013 2012 2011
Total number of working hours per year 8,807,576 9,020,184 8,696,129 7,991,220
Total number of injuries/accidents excluding minor (first-aid level) injuries/accidents 88 132 77 63
Total number of occupational illnesses 5 7 8 19
Total number of fatalities due to occupational illnesses/injuries/accidents 0 0 0 0

Environment

Swedish Match states in its annual report that its environmental efforts are focused on energy consumption, electricity, waste, water use in manufacturing, and greenhouse gas emissions. In 2011, the company set environmental targets and performance indicators for 2016 at factory level.[25]

Market

While today's Swedish Match still produces matches, the majority of its sales and operating profits comes from its smokeless tobacco products (snus and moist snuff) and other tobacco products (cigars and chewing tobacco).[25] In 2014, these tobacco products accounted for 59 percent of sales and 93 percent of Swedish Match’s operating profit, whereas matches and lighters accounted for 10 percent of sales and 6 percent of operating profit.[25] Swedish Match generates most of its sales in Scandinavia, the US, and Brazil (98 percent of company sales in 2013) but also has a significant worldwide presence through its matches and lighters businesses.[25]

Snus and moist snuff

Scandinavia and the US are the primary markets for Swedish Match’s tobacco products. The company is market leader in snus in both Sweden and Norway. In 2014, the operating profit for snus and moist snuff increased to 2,207 MSEK (2,195 MSEK in 2013).[3] The market for Scandinavian snus and the US moist snuff/snus is approximately 1.745 billion cans per year (345 million cans in Scandinavia and 1.4 billion cans in the US).[3][35][36] The snus market in the US is about $175 million, and Swedish Match has about 10 percent of the market.[3][36] [37]

Cigars and chewing tobacco

In 2014, the US cigar market was estimated to more than 5 billion cigars (excluding little cigars) of which Swedish Match produced 1.1 billion sticks of cigars. The cigar market grew 9 percent compared to 2013 in terms of volume.[3][33] Two thirds of the chewing tobacco sold in the US is produced by Swedish Match. Chewing tobacco is a 275 million US dollar market (manufacturers’ sales).[25][33] In 2014, the operating profit for cigars and chewing tobacco increased by 8 percent to 1,109 MSEK (1,029 MSEK in 2013).[3] In addition, Swedish Match holds a 49 percent ownership in Scandinavian Tobacco Group (STG) which is the world’s largest cigar producer and manufactures more than 50 percent of the world’s pipe tobacco. The company produces 3 billion cigars and 5,000 tons of pipe tobacco per year.[3][33][38]

Matches and lighters

Swedish Match supplies matches world-wide. The main markets for matches are Scandinavia, the UK, France, Spain, Australia and Brazil. For lighters, the most important markets are Brazil, Indonesia, Malaysia, Russia, Scandinavia, France and UK.[25] In 2014, 81.5 billion matchsticks were produced and 422.5 million lighters. Sales for matches and lighters was 1,295 MSEK (1,332 MSEK in 2013) and the operating profit declined by 5 percent to 218 MSEK (230 MSEK in 2013).[3][25]

Main brands

Below are Swedish Match’s main brands along with market information as of 2014:[3]

Product Brand Main markets Market share Competitors
Snus General, Göteborgs Rapé, Ettan, Grov, Catch, Kronan, Kaliber, Nick & Johnny and The Lab Sweden
Norway		 70 percent (Sweden)
60 percent (Norway)		 Imperial Tobacco, BAT, Japan Tobacco International
Moist snuff Longhorn, Timber Wolf, General US 9 percent Altria, Reynolds American
Cigars White Owl, Garcia Y Vega, Game by Garcia y Vega US 22 percent Swisher, Altria, Imperial Tobacco
Chewing tobacco Red Man US 40 percent National Tobacco, Reynolds American, Swisher
Matches Solstickan, Fiat Lux, Swan, Feudor, Redheads, Tres Estrellas UK, Scandinavia, France, Spain, Australia, Brazil Market leader
Lighters Cricket Russia, Brazil, Scandinavia, UK, France, Asia Market leader in 2013 [25] Bic, Tokai, Flamagas

Swedish Match is also active on the Brazilian market with disposable razors, batteries, light bulbs and tooth picks under the Fiat Lux brand.

Market position and competition

Snus in Sweden

The table shows the market shares for snus in Sweden according to Nielsen, as of 12 week data to December 22, 2012.[33]

Company Market share
Swedish Match 75 percent
BAT (F&L) 11 percent
Imperial Tobacco (Skruf) 9 percent
Japan Tobacco International 5 percent

In 2014, Swedish Match estimated that its market share for snus in Sweden was 70 percent.[3] In 2015, estimates by Nielsen showed that market shares were down to 68.7 percent based on a four week period to 22 February 2015.[39]

Snus and moist snuff in the US

In 2012, Swedish Match estimated that the company had a market share for snus and moist snuff of 10 percent in the US.[33] The market share has decreased to 9 percent according to Swedish Match and industry estimates for 2014.[3]

Company Market share
Swedish Match 10 percent
Altria (USSTC) 56 percent
Reynolds American (American Snuff Company) 32 percent
Other 1 percent

Cigars

Nielsen estimated that Swedish Match had a market share of 17 percent for cigars in the US in 2012 (based on 12 week data to December 22, 2012).[33] In 2014, market shares increased to 22 percent according to Swedish Match estimates.[3]

Company Market share
Swedish Match 17 percent
Swisher 29 percent
Altria (Middleton) 29 percent
Imperial Tobacco (Altadis USA) 19 percent
Other 7 percent

Chewing tobacco

In 2014, Swedish Match estimated that the company had a 40 percent market share for chewing tobacco in the US.[3] This is a decrease with 8 percentage point compared to estimates for 2012 made by Nielsen (based on 12 week data to December 22, 2012).[33]

Company Market share
Swedish Match 48 percent
Reynolds American (American Snuff Company) 20 percent
National Tobacco 16 percent
Swisher 14 percent
Other 2 percent

Swedish Match in the US

In the US, Swedish Match produces and distributes the Longhorn, Timber Wolf and Red Man brands of moist snuff.[40] The company also expanded into the United States premium cigar business by purchasing General Cigar Company Inc. (producer of non-Cuban versions of Macanudo, Partagas and Punch) from Edgar Cullman and El Credito Cigar Company (producer of La Gloria Cubana and El Rico Habano) from Ernesto Perez-Carrillo. In October 2010, the company transferred its US premium cigar and European cigar businesses, as well as its pipe tobacco and accessories businesses, to a new company named Scandinavian Tobacco Group, while receiving a 49 percent ownership stake in the new company.[41][42]

In an effort to expand its snus business outside of Sweden and Norway, the company has, since 2009, been selling its Scandinavian market leading brand of snus, General, at tobacco retailers in the US.[17] The distribution of General snus has increased over the years, from being sold in approximately 10,000 stores in 2012 to more than 24,000 stores by the end of 2014.[25][33]

For the US, snus is a relatively new category while the main smokeless category is moist snuff. Moist snuff is made using a fermentation process and usually placed under the lower lip, requiring spitting. Snus is made using a steam heat process (much like pasteurisation) and is usually placed under the upper lip, which means that spitting is not necessary.[36]

International Expansion

As of February 2009, it was announced that Swedish Match collaborated with Phillip Morris International in a joint venture, effectively testing various international markets. Their aim was to expand the Swedish Match smokeless product line outside of the US and Scandinavian markets.[16] The collaboration placed test markets in Tel Aviv, Israel; St. Petersburg, Russia; Taiwan, and nation-wide Canada. In Swedish Match's 2012 Q3 Interim report, CEO Lars Dahlgren commented, "In the US, General snus is now available in more than 9,000 retail outlets. We will continue to invest behind the brand and expand distribution, and expect to be in more than 10,000 stores by the end of the year. Test market activities for snus through SMPM International continue in Canada, and St. Petersburg, Russia, and we have now added Tel Aviv, Israel, as another test market."[43]

Key people

Lars Dahlgren (born 1970) is President and CEO of Swedish Match.[3] Conny Karlsson (born 1955) is chairman of the board since 2007 and board member since 2006.[3]

As of the annual general meeting 2014, Swedish Match had the following board of directors:[44][45][46]

Name Year of birth Position Year elected
Conny Karlsson 1955 Board chairman 2007
Andrew Cripps 1957 Deputy chairman 2006
Charles A. Blixt 1951 Board member 2015
Wenche Rolfsen 1952 Board member 2013[47]
Jacqueline Hoogerbrugge 1963 Board member 2015
Meg Tivéus 1943 Board member 1999
Joakim Westh 1961 Board member 2011
Kenneth Ek 1953 Employee representative 1999
Patrik Engelbrektsson 1965 Employee representative 2012
Eva Larsson 1958 Employee representative 1999
Joakim Andersson 1970 Deputy 2013
Eva Norlén-Moritz 1960 Deputy 2010
Gert-Inge Rang 1954 Deputy 2007

President and CEO:[25]
Lennart Sundén, 1998-2004
Sven Hindrikes, 2004-2008
Lars Dahlgren, 2008-

Ownership

As of March 2015, according to Euroclear Sweden, these were the 10 largest shareholders of Swedish Match:[48]

Shareholder Number of shares Percent of capital Percent of votes
Standard Life Investment Funds 6,340,090 3.2 3.2
Nordea Funds 6,144,337 3.1 3.1
Didner & Gerge Funds 5,660,814 2.8 2.9
Second Swedish National Pension Fund 4,462,082 2.2 2.3
SEB Funds 4,362,290 2.2 2.2
SHB Funds 2,466,957 1.2 1.3
Fourth Swedish National Pension Fund 2,417,536 1.2 1.2
Invesco Funds 2,336,500 1.2 1.2
UBS (Lux) Funds 2,333,273 1.2 1.2
First Swedish National Pension Fund 1,980,574 1.0 1.0
Sum 38,504,453 19.2 19.6

See also

References

  1. ↑ "Nasdaq OMX Nordic". Nasdaq OMX Nordic. Retrieved 15 July 2013.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 "Company history". Swedish Match. Retrieved 19 July 2013.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 "Annual Report 2014" (PDF). Swedish Match. Retrieved 1 June 2015.
  4. 1 2 3 "Company presentation 2014" (PDF). Swedish Match. Retrieved 1 June 2015.
  5. ↑ "Nasdag OMX Nordic". Nasdaq OMX Nordic. Retrieved 1 June 2014.
  6. 1 2 3 "The match king". The Economist. 19 December 2007. Retrieved 2 December 2013.
  7. ↑ "Näringslivets utveckling i Sverige under åren 1859-1929". Stockholm Albert Bonniers Boktryckeri. 1929. Retrieved 4 October 2013.
  8. ↑ "Svenska Dagbladets årsbok / Femte årgången (händelserna 1927)". Svenska Dagbladet. 1927. Retrieved 4 October 2013.
  9. ↑ "Swedish Merger for $983 Million". The New York Times. 10 March 1988. Retrieved 23 August 2013.
  10. ↑ "The companies concerned" (PDF). Competition Commission. Retrieved 23 August 2013.
  11. ↑ "Swedish Company To Sell Operations". The New York Times. 9 October 1990. Retrieved 23 August 2013.
  12. ↑ "Red Man - tuggtobakens flaggskepp". Swedish Match. 16 August 2007. Retrieved 2 October 2013.
  13. ↑ "Swedish Match concentrates lighter production" (Press release). Swedish Match. 13 June 1999. Retrieved 3 June 2015.
  14. ↑ "Annual Report 2005" (PDF). Swedish Match. Retrieved 8 June 2015.
  15. ↑ "About us". P.T Jamafac. Retrieved 19 July 2013.
  16. 1 2 http://www.swedishmatch.com/Reports/2009/20090203-swedish-match-and-philip-morris-international-announce-global-joint-venture-to-commercialize-smokefree-tobacco-products-en-1-429789.pdf
  17. 1 2 "Annual Report 2009" (PDF). Swedish Match. Retrieved 3 October 2013.
  18. ↑ "Annual report 2010" (PDF). Swedish Match. Retrieved 3 December 2013.
  19. ↑ "Scandinavian Tobacco Group signs Letter of Intent with Swedish Match to form a worldwide company with focus on cigars and pipe tobacco". Scandinavian Tobacco Group. 15 January 2010. Retrieved 23 August 2013.
  20. ↑ "Swedish Match slutför transaktionen med Scandinavian Tobacco Group". Swedish Match. 4 October 2010. Retrieved 10 September 2013.
  21. ↑ "Skandinavisk Holding will through Scandinavian Tobacco Group form the world’s second largest cigar company and strengthen its position as world leader in pipe tobacco". Scandinavian Tobacco Group. 26 April 2010. Retrieved 11 September 2013.
  22. 1 2 "Organization". Swedish Match. Retrieved 23 June 2014.
  23. ↑ "Swedish Match names President of reorganized Scandinavia Division and new Chief Financial Officer". Swedish Match. Retrieved 9 September 2013.
  24. ↑ "Our company in brief". Swedish Match. Retrieved 15 July 2013.
  25. 1 2 3 4 5 6 7 8 9 10 11 12 "Annual Report 2013" (PDF). Swedish Match. Retrieved 23 June 2013.
  26. ↑ "2012 Swedish Match and Sustainability" (PDF). Swedish Match. Retrieved 25 June 2013.
  27. ↑ "ISO certifications" (PDF). Swedish Match. Retrieved 18 July 2013.
  28. 1 2 3 4 5 6 7 8 9 "2012 Swedish Match and Sustainability" (PDF). Swedish Match. Retrieved 1 June 2015.
  29. ↑ "Quality". Swedish Match. Retrieved 25 June 2014.
  30. ↑ "Our factories". Swedish Match. Retrieved 1 June 2015.
  31. ↑ "Tidaholm". Tidaholms county. Retrieved 25 June 2014.
  32. ↑ "How matches are made". Sweden’s Tobacco and Match Museum. Retrieved 25 June 2014.
  33. 1 2 3 4 5 6 7 8 9 "Annual Report 2012" (PDF). Swedish Match. Retrieved 15 July 2013.
  34. ↑ "Employee related indicators". Swedish Match. Retrieved 18 July 2013.
  35. ↑ "Market". Swedish Match. Retrieved 23 June 2014.
  36. 1 2 3 Chris Burritt, Katarina Gustafsson (8 July 2013). "Swedish makers want snuff dippers to give up the spit". The News & Observer. Archived from the original on July 16, 2013. Retrieved 18 July 2013.
  37. ↑ Chris Burritt, Katarina Gustafsson (3 July 2013). "Sweden's Snus Tobacco Invades, but Americans Prefer Snuff". Bloomberg Business. Retrieved 2 June 2015.
  38. ↑ "Group Annual Report 2012". Scandinavian Tobacco Group. Retrieved 5 September 2013.
  39. ↑ "Ny lägstanotering för Swedish Match" [All time low market share for Swedish Match]. Svenska Dagbladet. 6 March 2015. Retrieved 1 June 2015.
  40. ↑ Smokeless in the US, Timber Wolf a solid success - Swedish Match
  41. ↑ "U.S. cigar sales spike boosts Swedish Match Q4". Reuters. 23 February 2011. Retrieved 13 March 2011.
  42. ↑ "Swedish Match completes transaction with Scandinavian Tobacco Group" (Press release). Swedish Match. 4 October 2010. Retrieved 13 March 2011.
  43. ↑ http://www.swedishmatch.com/Reports/Interim%20reports/2012-Q3-EN.pdf
  44. ↑ "Board of Directors". Swedish Match. Retrieved 4 June 2015.
  45. ↑ "Minutes from AGM 2014" (PDF). Swedish Match. Retrieved 30 June 2014.
  46. ↑ "Press release: Swedish Match Annual General Meeting 2015" (Press release). Swedish Match. 23 April 2015. Retrieved 4 June 2015.
  47. ↑ "Press release: Annual General Meeting 2013". Swedish Match. Retrieved 18 July 2013.
  48. ↑ "Largest shareholders". Swedish Match. Retrieved 4 June 2015.

External links

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