Volvo's Swedish tobacco group sails into international spotlight

Published on .

STOCKHOLM -- Swedish Match Tobacco Nordic (SMTM), the tobacco company controlled by the Volvo group, is entering its own team in the upcoming Whitbread Round The World Race, in a sponsorship deal worth $ 10.5m.

The SMTM Global Team boat will be crewed by Swedish sailors Gunnar Krantz and Roger Nilson. "The sponsorship comes at a time when the company plans to list its shares on the Stockholm Stock Exchange and attract the attention of international investors. This sponsorship will go some way to throwing the international spotlight on the company," says SMTM's deputy vice president Lars Elmenius.

Copyright December 1996, Crain Communications Inc.

Most Popular
In this article: