Pa­pas­tratos bank­ing on ex­ports

Kathimerini English - - Front Page -

Lead­ing to­bacco firm Pa­pas­tratos on Wed­nes­day an­nounced that a planned in­vest­ment of 25 mil­lion euros in the trans­for­ma­tion of the company’s fac­tory into an ex­port­ing cen­ter is in the works.

The news emerged fol­low­ing a meet­ing be­tween Pa­pas­tratos chair­man and chief ex­ec­u­tive of­fi­cer Nik­i­tas The­ofilopou­los, par­ent company Philip Mor­ris In­ter­na­tional’s vice pres­i­dent Mas­simo An­dolina and De­vel­op­ment Min­is­ter Costas Skrekas in Athens.

The two cor­po­rate of­fi­cials in­formed Skrekas that Pa­pas­tratos’s plans in­clude the in­stal­la­tion of seven new pro­duc­tion lines as well as a new state-of-the-art unit for to­bacco pro­cess­ing that will re­quire the ex­pan­sion of one of the fac­tory’s wings. Upon the in­vest­ment’s com­ple­tion, ex­pected by mid-2015, the plant’s to­tal pro­duc­tion vol­ume will have dou­bled while the ad­di­tional out­put will be des­tined for ex­port to more than 30 coun­tries around the world, in­clud­ing France, Italy, Switzer­land, Hong Kong and Sin­ga­pore.

The plan will not only safe­guard the jobs of the fac­tory’s 270 em­ploy­ees but it could also cre­ate up to 50 new jobs.

Skrekas ex­pressed the gov­ern­ment’s support in in­vest­ment ini­tia­tives such as that of Pa­pas­tratos and Philip Mor­ris, which support the coun­try’s new pro­duc­tion model and sig­nal a trend to­ward healthy en­trepreneur­ship. “I am par­tic­u­larly happy that a company of global stature such as Philip Mor­ris In­ter­na­tional through Pa­pas- tratos con­tin­ues to honor our coun­try and as­sist in our ef­forts to emerge from the cri­sis,” the min­is­ter stated.

“Philip Mor­ris In­ter­na­tional re­mains steady and con­sis­tent with its com­mit­ment to the coun­try,” said An­dolina, while The­ofilopou­los added, “We are se­cur­ing ex­ist­ing jobs while cre­at­ing a small num­ber of new ones and we are con­tribut­ing to­ward the strength­en­ing of the coun­try’s ex­ports.”

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