Philip Morris (PM) Will Begin Purchasing Half of Greek Tobacco Output

Source from:  Street Insider  02/08/2013

Philip Morris (NYSE: PM) is looking to expand its reach with the acquisition of tobacco output in Greece.

According to Agriculture Minister Athanassios Tsaftaris, Philip Morris will purchase 50 percent of the country's total output over the next three years. He notes that the decision affirms the quality of tobacco coming out of the region.

Tsaftaris notes that Greek farmers use "sustainable" and "high quality" practices in agricultural production, rather than striving for the lowest-cost methods.

Only about six percent of Greek farmers are under 35 years old, he noted.

Shares of Philip Morris are indicated slightly lower Thursday morning. Enditem