COPENHAGEN, July 20 (Xinhua) -- Danish cigar and tobacco company Scandinavian Tobacco Group (STG) said on Friday it had closed a deal to acquire Peterson Pipe Tobacco, the pipe tobacco business of Kapp & Peterson Limited, an Irish pipe and pipe tobacco manufacturer.
Included in the deal is the full premium pipe tobacco brand portfolio of Peterson Pipe Tobacco, which has over 150 years of storied heritage and today is sold in 52 countries and regions around the world, STG said in a press statement.
According to STG, the acquisition strengthens the company's position in the important premium pipe tobacco segment, which has been growing in recent years.
It added that the brand portfolio of Peterson Pipe Tobacco will further increase the Group's presence in important pipe tobacco markets like Germany, Britain, the U.S. and Asia.
It however did not disclose financial details of the deal, saying "the price paid for the business is confidential, but immaterial."
Headquartered in Copenhagen, STG is a world leading manufacturer of cigars and pipe tobacco with annual production of three billion cigars and 5,000 tonnes of pipe and fine-cut tobacco.
Pipe Tobacco brand portfolio has delivered consistent volume and revenue growth since 2014 against the backdrop of globally shrinking volumes for the category as a whole.
Among the Peterson products are signature blends such as Sherlock Holmes, Old Dublin and Connoisseur's Choice.
