Sunday April 20, 2014 Search
Weather | Athens
17o C
11o 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 Greece’s 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 country’s 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)  
Eurobank share offering on April 25-29
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Greek Christians mark rare Good Friday in north Cyprus
Hundreds of Greek Orthodox pilgrims, some coming home after 40 years of forced exile, commemorated the crucifixion of Jesus in a rare Good Friday service in northern Cyprus. Held in this med...
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Inside News
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greens lose badly as CSKA Moscow
4. Former Red Bourousis wrecks Olympiakos´s hopes for a break
5. PPC to issue corporate bond of 500 mln
6. Greece offers to help find Turkish F-16 lost in 1996
more news
Today
This Week
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
Today
This Week
1. Greece's market return mirrors return of tourists
2. Samaras sees no need for third bailout
3. Parties start announcing candidates for European Parliament elections
4. Greece startup leaders say they can’t break jobless cycle alone
5. Ground-breaking Good Friday mass signals thaw in Cyprus
6. IMF's Thomsen says Greece not fully financed to 2016
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.