Friday May 22, 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 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)  
IMF participation in Greek debt talks ´essential,´ German ministry says
Frigoglass bonds surge on plan to sell glass unit to reduce debt
Greece submerges as crisis fallout worse than emerging markets
Banks will be asked to revise their restructuring plans
N17 convict Xeros gets more time for defense on prison breakout plan
November 17 convict Christodoulos Xeros was on Friday given additional time, until next Thursday, to give evidence regarding his failure to return from a prison furlough last year and his al...
Civil aviation staff to hold walkout on holiday weekend
The Federation of Civil Aviation Authority Unions (OSYPA), which does not include air-traffic controllers, on Friday called a 48-hour strike for May 31 and June 1, a walkout that could cause...
Inside News
SOCCER
Four-goal Panathinaikos thrashes Asteras away
Panathinaikos thrashed Asteras at Tripoli to gain an early advantage in the race for a spot in next season’s Champions League qualifiers, as the Super League play-offs got under way on Wedne...
SOCCER
Greek Cup TV rights up in the air
The Appeals Court upheld listed Forthnet’s case against the allocation of the Greek TV rights for the Greek soccer cup in the 2013-2016 period to a Cypriot company that later resold them to ...
Inside Sports
EDUCATION
Consensus is key
The education bill that has been put forward by Greece’s leftist-led government has to be the subject of extensive public consultation. Even more importantly, it needs to be approved in Parl...
COMMENTARY
The other inequality: how the state spends our money
Growing inequality between rich and poor across the world has rightly become the focus of much investigation and analysis. The Organization for Economic Cooperation and Development underline...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. IMF participation in Greek debt talks ´essential,´ German ministry says
2. Frigoglass bonds surge on plan to sell glass unit to reduce debt
3. N17 convict Xeros gets more time for defense on prison breakout plan
4. Civil aviation staff to hold walkout on holiday weekend
5. Quake measuring 4.1 Richter strikes Ionian Sea
6. Greece submerges as crisis fallout worse than emerging markets
more news
Today
This Week
1. Merkel stamps out brief optimism on Greece after Tsipras talks
2. Lessons from Israel’s tech miracle
3. Banks will be asked to revise their restructuring plans
4. EOPYY struggles for funding, sees overdue debt rise
5. Tsipras to meet Juncker on second day of Riga summit
6. Greece sees reforms deal with lenders in next 10 days, spokesman says
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Phony dilemma
3. Greece came close to not paying IMF
4. Conspiracy madness
5. National self-awareness put to the test
6. Albanian demarche raises concerns about possible territorial claims over Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.