Gov. Lamont Welcomes Philip Morris International To Stamford

STAMFORD, CT — On Monday morning, Gov. Ned Lamont and other state and local elected officials gathered at 677 Washington Blvd. to welcome Philip Morris International (PMI) to the city of Stamford.

Earlier this year, PMI, the Swiss-American multinational cigarette and tobacco manufacturing company, announced its plans to move international headquarters from New York City to southwestern Connecticut.

Recently, PMI signed a 12-year lease to take up the 11th and 12th floors — about 71,000 square feet in total — inside the former UBS building in Stamford. The headquarters will be operational by the summer of 2022.

"People are rediscovering what makes Stamford such an extraordinary place and what makes Connecticut such an extraordinary place," Lamont said during a press conference Monday. "PMI is a company that's reinventing itself. I'm so proud that they've called Connecticut home. It's no surprise why I think they're here: easy access to a rail station; [we're] upgrading that. Lots of affordable housing in and around the region. It's a walkable city going forward, and a lot of young people moving into this state."

PMI's move will bring about 200 jobs to the city, according to Deepak Mishra, president of the Americas region of PMI. He said Stamford was chosen based on its proximity to New York City, but also because of the community at large.

"We really look forward to being a part of the community. This is an incredibly vibrant community that is innovation-focused and forward thinking, and open-minded," Mishra said. "This is very much the type of community that we really look forward to, and we are very grateful to have the opportunity to be a part of."

The headquarters will be comprised of the regional management team and support, and operations will include marketing, sales, finance, legal and communications, Mishra said.

"Over time, we will grow that functionality and take advantage of the innovation environment that Connecticut as a state provides," he said.

Stamford Mayor-elect Caroline Simmons spoke briefly during Monday's event, and thanked PMI for choosing Stamford. She said the move is "part of the Connecticut comeback."

"I'm so optimistic about the future of Stamford, and as Mayor-elect I'm really looking forward to working with Philip Morris to help you grow and expand in our state, and also to welcome additional companies and jobs into our city," said Simmons, who will be sworn-in on Dec. 1.

Mishra said PMI's goal is to build a "smoke-free future" as the company continues to move away from cigarettes. Currently, Mishra said 30 percent of PMI's revenue this year came from smoke-free products, such as PMI's flagship product, IQOS.

The FDA permitted the sale of IQOS devices through a Premarket Tobacco Product Application (PMTA) in 2019, and authorized them to be marketed as a Modified Risk Tobacco Product (MRTP) in 2020.

IQOS devices heat, rather than burn tobacco, decreasing the amount of harmful chemicals that get inhaled.

PMI has declared that by 2025, these products will account for 50 percent of revenue.

PMI doesn't sell cigarettes in the United States. Philip Morris USA, an Altria Company, does.

"If you don't smoke, don't start. And if you can't quit, you need to convert to products that have a significantly lower risk of harm. That's what our entire mission is," Mishra said.

When asked what the messaging looks like by supporting PMI's move, Lamont said PMI is "doing the right thing by weaning people off cigarettes and making sure they have a safer alternative."

The building at 677 Washington Blvd. is owned by commercial real estate company George Comfort & Sons. The company's President and CEO, Peter Duncan, said Monday that tenant occupancy is at about 95 percent following the PMI announcement.