Fortune Tobacco Corporation is the leading cigarette manufacturer in the Philippines and one of the five largest privately-held cigarette manufacturers in the world. The company is a part of the Lucio Tan Group of Companies, founded and owned by the second richest Filipino,Lucio Tan.
In 1966, when Ferdinand Marcos was the president, Tan founded Fortune Tobacco. The very first plant of the company started in a small building with only second hand machines in Marikina. The structure which houses the plant was made of old scrap lumber and GI sheets.
In 2010, Philip Morris Philippines Manufacturing Inc. and Fortune Tobacco entered a 50-50 joint venture and created a new corporation called Philip Morris Fortune Tobacco Corporation (PMFTC). The partnership will translate into a 90% market share for PMFTC since Fortune Tobacco accounts for 60% of the market share while Philip Morris holds the 30%.
Source:Fortune Tobacco Corporation - WikiPilipinas: The Hip 'n Free Philippine Encyclopedia
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