Greece-based cigarette maker Papastratos this month announced the implementation of a sustainable growth strategy and corresponding commitments, coinciding with the 90th anniversary of the company’s establishment.
The development came just a few days before tobacco giant Philip Morris International announced on Friday that it would purchase UK-listed Vectura for 1.44 billion USD, giving the American multinational access to the British drug-maker’s respiratory treatments and inhaling device technology.
On its part, Papastratos pointed to a concerted effort to develop innovative products. In basing its strategy, the Greek company calculated that by 2025 cigarette smokers in Greece will decrease by 1.5 million, either by stopping the habit or by turning to other alternatives involving tobacco.
The target, Papastratos announced, is for 75 percent of its net revenues by 2023 to come from innovative and alternative products.