Altria takes $4.5 billion charge as Juul investment sours amid vaping backlash
(Reuters) - Altria Inc took a $4.5 billion hit from its investment in electronic-cigarette maker Juul Labs Inc on Thursday as it faced up to the financial fallout of a regulatory crackdown on the vaping industry this year. The U.S. tobacco company bought a 35% stake in the fast-growing e-cigarette rival for $12.8 billion last year, hoping to make up for falling sales of traditional cigarettes. But Juul faces the possibility of its products being removed from the market over concerns that they are fueling the so-called epidemic of youth vaping, a major factor that led to the collapse of Altria's merger talks with Philip Morris last month. Altria on Thursday cited a number of reasons for the c...
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