Papastratos announces 200-million-euro investment

Economy
Sun, 26 Feb 2023 8:49 GMT
Papastratos, a member of Philip Morris International, on Wednesday announced a 200-million-euro investment in its factory in Aspropyrgos, raising PMI's total investment in Greece to 700 million.
Papastratos announces 200-million-euro investment

Papastratos, a member of Philip Morris International, on Wednesday announced a 200-million-euro investment in its factory in Aspropyrgos, raising PMI's total investment in Greece to 700 million.

The investment was announced by Massimo Andolina, chairman of PMI Europe. It envisages four new production lines which will boost the factory's production capacity and the company's exports to 300 million euros, while it will create 300 new job positions.

Papastratos, Andolina said, plays a pivotal role in PMI and it is a significant pylon in Greek exports. "Greece is a unique example of progress in Europe today, towards a future without cigarettes, thanks to a realistic and scientifically based regulatory framework which recognizes the contribution of alternative products such as IQOS in smoking management. The product has a market share of 18.1% in the market of tobacco products, evidence of Greek smokers' turn towards alternative products. We could not be more proud for this development," Andolina said.

Papastratos also announced a big change in its management, with George Margonis taking over as CEO, replacing Christos Charpantidis, now vice-president of PMI in Southeastern Europe.

AMNA

 

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