Saturday April 25, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Philip Morris shows its faith in Greece

 Global tobacco giant shifting part of its production to the Aspropyrgos unit of local subsidiary Papastratos

By Anestis Dokas

In another sign of confidence in the Greek economy, global tobacco giant Philip Morris International is planning to transfer some of its production from other plants in Europe to the unit of its Greek subsidiary Papastratos at Aspropyrgos, western Attica.

The news was announced on Tuesday by the chairman and chief executive officer of Papastratos, Nikitas Theofilopoulos, who heads Greeces biggest tobacco industry. He was speaking on the occasion of the opening of a new production line, conducted by Deputy Development Minister Notis Mitarakis.

Philip Morris is the second multinational firm to shift part of its production to Greece, after Unilever, in a move that also serves to boost the local subsidiary considerably.

The plant inaugurated yesterday constitutes a 3-million-euro investment to be completed by the end of the month, with output to be exported to 15 countries. Mitarakis stated that in coming years new jobs will come from the private sector, adding that important investments such as that by Papastratos bring hope for the economy. He also said that authorities had confiscated 1.5 million packs of smuggled cigarettes last week.

Papastratos sources told Kathimerini that the tobacco industry has also decided to restructure its distribution network in Attica, Thessaloniki and Patra, by appointing exclusive distributors in those areas in order to secure the optimum presence of its products at the points of sale and the sustainability of the traditional retail trade, which has been suffering in the last few years.

With that decision, the company intends to create a strong and modern network that will be able to respond effectively to the conditions in the market. The new distribution model, with exclusive distributors, will apply as of June 1 next year in the same way it has been applied in the rest of the country.

Papastratos says it has contributed 1.4 billion euros to public revenues from tobacco taxes, corresponding to 4 percent of the countrys total revenues. Parent company Philip Morris buys more than 50 percent of the Greek tobacco production, thereby supporting over 12,000 local tobacco farmers.

ekathimerini.com , Tuesday December 11, 2012 (22:44)  
Construction material costs slide anew
Navios taps German shipping opportunities
Govt eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Tsipras to see local officials as decree dispute heats up
Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the governments deci...
Kotzias talks Cyprus at UN
Foreign Minister Nikos Kotzias informed United Nations Secretary-General Ban-Ki moon on Friday about his positions regarding the removal of Greek and Turkish troops from Cyprus as part of th...
Inside News
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
BASKETBALL
Printezis sends Olympiakos to the Final Four
A buzzer-beating three-pointer by Giorgos Printezis saw Olympiakos through to the Final Four of the Euroleague, as the Reds defeated Barcelona 71-68 on Thursday to claim the best-of-five qua...
Inside Sports
COMMENTARY
Something is changing on Cyprus
The first round of elections for the leader of the Turkish Cypriots last Sunday did not result in a winner but it showed that many voters support change change on the political scene and e...
EDITORIAL
Harmful talk
Early elections would not serve any purpose for Greece right now, and neither do threats that the government will collapse. It has become abundantly clear that the only solution lies in the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Tsipras to see local officials as decree dispute heats up
2. Kotzias talks Cyprus at UN
3. Construction material costs slide anew
4. Navios taps German shipping opportunities
5. Govt eyes state company reserves
6. Thessaly stores likely to remain closed on first Sunday of spring sales
more news
Today
This Week
1. Greece offers concessions in talks with creditors
2. EU frustration mounts as Greeks try to sidestep aid process
3. FinMin sources say gov't 'not bluffing' in opposing austerity
4. Varoufakis said to be called gambler, time-waster in meeting
5. Merkel: must prevent Greece running out of cash before deal
6. Eurogroup chief says great urgency to reach deal on Greece
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.