PM Breaks Ground for Korean Factory

Source from:  Tobacco Reporter 10/12/2010

Philip Morris Korea broke ground on Monday for a new production facility in Yangsan, reports The Korea Times. The new facility will double Philip Morris Korea's annual capacity to 30 billion cigarettes, and allow the company to increase exports. Currently, more than 95 percent of Philip Morris Korea's production is sold domestically. Philip Morris Korea plans to invest KRW 190 billion ($170 million) to complete the facility during the first half of 2012. Philip Morris Korea was founded in 1989. As of August 2010, the company's sales accounted for 17 percent of the Korean cigarette market. Enditem