d to health hazards, the company is a defendant in a number of product-liability suits related to cigarettes.
While the cigarette segment of Philip Morris's business is troublesome, food profits rose risen steadily during 1993, increasing 7 percent on an increase of 5 percent in sales for that market. This growth was based on volume growth and acquisitions on a global level, but was partially offset by unfavorable currency translations.
The company has a strong financial position. Over the past ten years, sales have increased at an annual average rate of change of 18.5 p
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