PMI agrees to buy more Greek oriental

| March 4, 2013

Philip Morris International and its affiliate, Papastratos Cigarette Manufacturing, say they have reached an agreement with the Greek government regarding the purchase of Greek oriental tobacco during the next three years.

The co-operation agreement was signed by the Minister of Agriculture, Athanassios Tsaftaris, and PMI’s COO, André Calantzopoulos, in the presence of the Prime Minister, Antonis Samaras.

“This Agreement opens a new chapter in the history of our company in Greece and builds on our long-standing presence in this country,” said Calantzopoulos.

“It establishes a three-year framework for PMI’s purchases of Greek oriental tobacco and creates a much more predictable economic environment for the country’s 25,000 tobacco farmers and workers.”

In a note posted on the PMI website, the agreement was said to foresee, during the years 2013 to 2015, purchases of Greek oriental tobacco by PMI increased by 20 per cent on those of the past three years.

“PMI has invested approximately 600 million euros in Greece since 2003,” said Calantzopoulos. “In these difficult times and despite the unprecedented crisis that has impacted the country, not only do we remain steadfast in supporting Papastratos, our business partners and the country’s economy, but we are also expanding our business activities.”

Meanwhile, Nikitas Theophilopoulos, president and CEO of Papastratos, who was present at the signing ceremony, said that the agreement was more tangible evidence of the support Papastratos had consistently offered to Greece for more than 80 years and of its commitment to further reinforcing its presence in Greece.

“In 2012 alone we undertook several initiatives to strengthen our business in Greece including our fight against illicit trade, the investment in a new production line for fine-cut-tobacco and a reinforced social contribution program to help those in need,” he said.

“In parallel, at a time when many companies are facing cutbacks, we are maintaining our commitment to our employees without salary and personnel cuts, but on the contrary with merit bonuses for the large majority of our workforce.”

Category: Breaking News

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