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Philip Morris Capital Corporation (PMCC) is a wholly owned subsidiary of Philip Morris Companies Inc. The company invests in leveraged and direct finance leases and other tax-oriented financing transactions and third party financings. The fundamental business of PMCC is one in which we act as an investor. Each year PMCC invests hundreds of millions of dollars to acquire assets that provide PM Companies with attractive returns.
PMCC was formed in 1982. Since then we have built an impressive leasing and structured finance portfolio by providing the equity portion in the financing of domestic and international assets such as aircraft, manufacturing facilities, power generation assets and real estate. Participating in these investments requires that PMCC develop an understanding of the business fundamentals within the range of industries and market segments represented by these assets and requires PMCC to monitor daily business developments as well as long term trends that affect the lessees and assets.
Going forward, we plan to deliver sustained profit growth through prudent, carefully selected investments in high quality assets across a wide variety of industry segments. We will accomplish this by capitalizing on opportunities domestically, leveraging our existing knowledge base into related growth areas, while continuing to expand our portfolio of assets around the world.