Electronic cigarette makers Li-e-Vap and e-cig maker Electronic Cigarettes.com have entered into a definitive agreement to purchase Electronic Cigaping Manufacturing Co., a manufacturer of electronic cigarettes and accessories, the companies announced today.
The combined entity will have operations in both the U.S. and China, the businesses announced.
Electronic cigarettes and related products have become popular among smokers and non-smokers in recent years due to their relatively low cost, convenient delivery and ease of use.
The e-cigarettes, or electronic cigarettes, have become the second most popular smoking cessation products after tobacco cigarettes, with sales in the U-S.
exceeding $2.5 billion last year.
Electronic cigarettes are also widely available online and at retail outlets.
Li-E, whose market value was $2 billion last month, was founded in 2003 by Hong Kong businessman Hong Kong-born entrepreneur Li Chun-ying and is a unit of Li-Ang Electronics Group.