JTI to Launch Ploom in Greek Market, Invests $300 Million
According to a report by Greek media outlet Businessdaily, Japan Tobacco International (JTI) is set to introduce its heated tobacco product, Ploom, into the Greek market.
JTI plans to invest $3 billion to speed up the global expansion of Ploom, with Greece being the first market for promotion. JTI's subsidiary in Greece will also be responsible for the Cyprus and Malta markets.
JTI, the multinational tobacco company, announced at an event held in Athens that its new product Ploom has been highly successful since its launch in Japan a year ago. Vassilis Vovos, the Deputy CEO and CFO of JTI, stated that the company's goal is to introduce Ploom in 25 countries and is investing $3 billion for this purpose.
Additionally, JTI plans to invest €2 billion over the next three years from 2023 to 2025 for the development of other heated tobacco products. Vovos also discussed the performance of the Greek tobacco factory SEKAP, which has been under JTI's control since 2018. JTI invested $30 million to modernize the factory's machinery, increasing its production capacity from 700 million to 5 billion cigarettes, 76% of which are exported to EU countries. The Greek government was represented by two ministers, Costas Skrekas and Adonis Georgiades, who attended the JTI event.
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