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Global tobacco giant Philip Morris has increased its business in Greece by 20% and made the Greek city of Agrinio its European centre. This was announced by Nikos Teofilopoulos, CEO of Papastratos, which is a subsidiary of Philip Morris, who met Prime Minister Antonis Samaras today.

The tobacco industry has a long tradition in Greece - the country is known for its products from the eastern varieties of tobacco and the American giant’s investment in Greece has already exceeded 600 million euro. Experts have already reported a jump in tobacco production and are expecting the creation of new jobs, a boost to international transport and increase in exports of cigarettes.

In the coming months, Philip Morris will acquire more than 50% of the tobacco industry in Greece, and the company’s warehouse for entire Europe will be built in Agrinio. Every year, Greece will provide 15,000 tonnes of tobacco for the manufacturing of the giant in Europe. Tobacco will be transported in containers by trucks across Italy or by sea from the port of Piraeus. It is estimated that each year 2,500 containers will leave from Agrinio.

The city has a long history in the business of tobacco and its cigarettes and tobacco warehouses have architectural, historical and cultural value. The industry reached its peak in the early 20th century because of the quality of the tobacco grown there, the excellent knowledge of cigarette technology held by local processors and last but not least the exceptional commercial acumen of the Papastratos brothers.