Papastratos, an affiliate of Philip Morris International, today announced a Euro 100 million investment in the construction of new modern manufacturing facilities and an office unit in the area of Aspropyrgos in Attiki.

Construction will commence in 2006 with planned completion in 2008.  
The investment represents a tremendous opportunity for Philip Morris International to further grow its business in Greece, demonstrates the long-term commitment of the company to doing business in Greece and highlights the company’s confidence in the strength of the Greek economy. 
This plan also constitutes the largest foreign investment to be made in Greece to date under the recently adopted Development Law 3299/2004. With this project the company aims to further enhance its efficiency and competitiveness in the Greek market long term.
The new facilities of the company in Aspropyrgos will make it one of the most modern factory units of Philip Morris International in Europe. Its modern factory and office building will cover more than 40,000 square metres.
Papastratos is also a major buyer of quality tobacco from local producers. (ci)