Franco-Spanish tobacco firm Altadis has sold the remaining part of an old factory it owned in Valencia to property company Guadalmina for Euro 52 million (US$ 65.8 million) it said on Thursday.
It sold an initial 49 per cent in June 2002 after the factory closed in 2001. Altadis said the sale was part of its shedding of nonstrategic assets. The maker of Fortuna and Gauloises cigarettes has been hit by tax hikes, tough competition and various smoking bans in Europe and has launched a cost cutting programme to save Euro 215 million up to the end of 2008. (pi)
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