ECONOMY

Papastratos invests

Tobacco manufacturer Philip Morris Holland BV will invest more than 100 million euros in a state-of-the-art factory for its Greek subsidiary Papastratos in Aspropyrgos, Attica, sources said. The project is the second-largest industrial investment in Greece in the last two years after Friesland’s yogurt plant in Achaia. The sources said Papastratos, which employs about 1,000 workers, is also planning a parallel voluntary early retirement scheme. The Greek company, founded in 1931, recently signed a deal with Duty Free Shops for the distribution of duty-free cigarettes to ships and shops of diplomatic and military missions. It manufactures Marlboro and Assos, which hold the two top market shares in Greece. Greek tobacco manufacturers have managed to stem the onslaught of foreign brands in the last five years by launching new products.