There is now a timeline for the proposed sale of Altadis U.S.A., JR Cigar and 50 percent of Habanos S.A.

Imperial Brands, plc—the British multinational corporation that owns the aforementioned cigar assets as well as other tobacco businesses—has announced that it is “on track” to divest £2 billion ($2.5 billion) worth of assets by May 2020.

While that is not a guarantee that its cigar businesses will be sold, Imperial announced in late April that it was trying to sell its premium cigar businesses. Analysts at Jefferies estimated at the time that Imperial could generate $1.3-2 billion from the sale of the premium business. They also estimate that the premium cigar business generates $450 million in revenue and earns $111 million in profit annually.

The £2 billion number was announced in May 2018 after criticism from shareholders, to date Imperial has generated less than 15 percent of that target through the sale of its assets.

Today’s announcement came as part of a financial update in which the company announced that it would buyback £200 million in shares.

Charlie Minato

I am an editor and co-founder of Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I handle the editing of our written content, the majority of the technical aspects of the site and work with the rest of our staff on content management, business development and more. I’ve lived in most corners of the country and now entering my second stint in Dallas, Texas. I enjoy boxing, headphones, the Le Mans 24-hour, wearing sweatshirts year-round and gyros. echte liebe.