Philip Morris to buy 50 pct of Greek tobacco production over next 3 years

Philip Morris is planning to purchase 50 percent of Greece’s tobacco production over the next 3 years, the country’s Agriculture Minister Athanasios Tsaftaris said Thursday according to local media reports.

The decision by the US tobacco company is “a sign of confidence in the quality” of Greek tobacco, Tsaftaris said during a speech at the Economist conference in Thessaloniki, northern Greece.

The deal is to be officially announced next week, the reports said. No more details were made available.