“Altria and Juul turned from competitors to collaborators by eliminating competition and sharing in Juul’s profits."
The move comes after Altria announced a $4.5 billion writedown of its investment.
"We did not anticipate this dramatic a change in the e-vapor category,” CEO Howard Willard says.
Recent vaping-related lung illness and the rising popularity of e-cigarettes among younger people is sparking concern.
The $12.8 billion investment prompted a downgrade by Standard & Poor's.
