Philip Morris to Make Investment in RetailersMarketXchange
New York, Oct. 19 (Bloomberg) -- Philip Morris Cos., maker of Kraft cheese and Miller beer, will make an investment in RetailersMarketXchange Inc., an online service for convenience stores, to move toward doing more business on the Internet.
The company wouldn't specify the amount of the investment, to be made through its Philip Morris USA unit. It's the first investment in an Internet business for the New York-based company.
Closely held RMX enables convenience stores and smaller retailers to have direct access to suppliers such as Philip Morris to order products and get information and promotions. Other investors in Walnut Creek, California-based RMX include Chevron Corp. and Oracle Corp.
The shares of Philip Morris, which had 1999 revenue of $61.8 billion, fell 6 cents to $32.94 in New York Stock Exchange trading. They had risen 43 percent this year.