Scandinavian Tobacco Group announced on Thursday that it has bought two family-owned cigar factories in Central America.

In a move to expand its activities in the global cigar industry, Denmark-based Scandinavian Tobacco acquired a factory in Danli, Honduras, and one in Esteli, Nicaragua. The two cigar factories jointly employ around 950 people and annually produce around 17 million hand-rolled, premium long filler cigars, which are sold under the CAO brand name, Carlos Toraño cigars and other brand names. The sellers are the Olivas and Torano families, who will continue with the daily management of the factories.
No financial details were provided.
Scandinavian Tobacco Group is the world's largest pipe tobacco maker and the largest cigar producer in Europe. (ci)