Friday August 29, 2014 Search
Weather | Athens
31o C
24o 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)  
Foreclosures threat pushed back
Athens rental rates tumble
Transforming OPAP buys top-up firm
Stocks edge lower as companies report key H1 financial results
Exam results spell trouble for some universities
Almost 73,000 teenagers received the good news Thursday that they have gained places at university or technical colleges (TEIs) but it appears that new questions are to be raised about the v...
Police names suspects in 400,000-euro heist
The police on Thursday issued the names and photographs of three suspects it believes were involved in an armed bank robbery northwest of Athens last week that netted almost 400,000 euros in...
Inside News
SOCCER
Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
There was a triple success for Greek soccer on Thursday as PAOK, Panathinaikos and Asteras Tripolis made it through to the Europa League group stage. PAOK had a challenging task after a 1-0 ...
SOCCER
Olympiakos drawn against Spanish, Italian and Swedish champions in CL
Olympiakos will face the champions of Spain, Italy and Sweden in the group stages of Europe's top soccer tournament, the Champions League. Thursday's draw in Monaco was not particularly kind...
Inside Sports
COMMENTARY
The Lotus-Eaters
Turkey, a country branded by some as undemocratic and maladjusted by European standards, recently elected a new president Recep Tayyip Erdogan in a vote that was transparent and with a c...
EDITORIAL
A good start for culture
It took decades for a decision as obvious as keeping Greeces most popular museums and archaeological sites open all day and all week to be reached and acted on, and now we are beginning to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
2. Foreclosures threat pushed back
3. Exam results spell trouble for some universities
4. Police names suspects in 400,000-euro heist
5. Athens rental rates tumble
6. Transforming OPAP buys top-up firm
more news
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. Hardouvelis, ECB executive discuss bank program, stress tests
3. Greece to relaunch tender for mutual horesebetting license
4. Venizelos invites Simitis and Papandreou to PASOK 40th anniversary event
5. EU's Frontex to take lead from Italy in Mediterranean immigration crisis
6. Bad debt provisions hit Greece's PPC first half net profit
Today
This Week
1. Brussels warns Greece over plans to allow construction near Korinos beach
2. Merkel cites euros construction flaws as economy sputters
3. Attack on gay couple in Athens leaves one man needing surgery
4. Purification rituals
5. Second man held over double murder in Mani
6. The battle against progress
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.