The tobacco maker reported slimmer gains in its domestic tobacco profits. He says he'll buy fewer cigarettes if prices go up. Even tobacco critics acknowledge Philip Morris' contributions to Richmond, where the company is a prominent sponsor of civic and arts activities. A lot of businesses here will suffer with a downturn. But fewer Richmond residents and businesses will suffer than in the past, says Crestar Bank economist Christine Chmura, who stresses the region's success in attracting high-tech companies, such as Motorola.
Fewer people work in the tobacco industry now.
Tobacco manufacturers employed 11,800 locals in 1990, down from 16,000 in 1980, state figures show. Those affiliated with the tobacco industry might disagree. But they're more concerned about their jobs. Just ask James Dawson. Philip Morris spokeswoman Karen Daragan says the company wants to reduce costs and raise productivity.