Philip Morris suspends operations in Ukraine, where it has more than 1,300 employees

Philip Morris International Inc. PM, +2.38% said Friday it has temporarily suspended operations in Ukraine, including at its factory in Kharkiv, in the wake of Russia’s invasion of the country. Philip Morris’ stock rose 0.8% in premarket trading, after falling 5.3% on Thursday. The cigarette maker said that in 2021, Ukraine accounted for about 2% of its total cigarette and heated tobacco unit shipment volume, and less than 2% of total revenue. The company has more than 1,300 employees in Ukraine, which represented 1.9% of its total workforce as of Dec. 31. “Our employees are advised to stay at home or in any safe place and follow instructions from local authorities,” said Chief Executive Jacek Olczak. “We will continue to monitor the situation closely.”