Philip Morris Signed Agreement for Greek Tobacco

Philip MorrisAmerican tobacco company Philip Morris International along with its subsidiary Papastratos signed yesterday the agreement to purchase 50% of Greece΄s tobacco production over the next three years, according to an official announcement.
“The deal is a sign of confidence in Greece,” Greek Agriculture Minister Athanasios Tsaftaris said after signing the agreement in the presence of Prime Minister Antonis Samaras.

Under this major agreement, the tobacco giant will absorb half of the country΄s production of the oriental tobacco type. The deal is regarded as a significant boost to 25,000 Greek tobacco growers who have been affected by the Greek financial crisis over the past three years.
Nikitas Theofilopoulos, Chairman and Chief Executive Officer of Papastratos said that the deal prove the company’s commitment to further strengthen its presence in Greece.
(source: Capital)