(Sharecast News) - British American Tobacco has bought the nicotine pouch business of US-based Dryft Sciences for an undisclosed sum.
The acquisition, which was made through BAT's US business, expands the company's portfolio of oral nicotine products in the US to 28 from four variants.
The enhanced portfolio will include a wider range of nicotine strengths and flavours, giving adult nicotine consumers a greater degree of choice, covering all key consumer preferences, BAT said.
"This will significantly strengthen BAT's portfolio in a fast-growing nicotine category in the US," it added.
The company said it will rebrand Dryft's US portfolio under its global modern oral brand, Velo, and expects to accelerate growth through superior distribution, marketing and channel capabilities.
Chief executive officer Jack Bowles said: "Today's announcement underscores our societal commitment to accelerate our transformation and build A Better Tomorrow. Our multi-category strategy is key to our transformation.
"The addition of Dryft to our US Velo brand is a major step forward, further enhancing our successful vaping and oral portfolio."
British American Tobacco (BATS)1 May 2024 08:45
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