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Papastratos Tobacco to offer Morris shares worth €1million to its workers

Greek tobacco company Papastratos announced it was offering shares worth 1.0 million euros of its parent company Philip Morris International, to its workers.

In an announcement published on Thursday, Papastratos said with this move it was awarding workers for an exceptional performance and very strong results in the commercial sector in 2018 and for the successful transformation of its production unit into an exclusive production center for IQOS products.

After completion of the procedure, all workers will receive shares worth more than 1,000 euros each, regardless of position, wage or service.

Board members will abstain from this distribution, offering their shares to other workers.

Papastratos has a long tradition in awarding workers with extra bonuses each year.

the company is the largest manufacturer and distributor of cigarettes in Greece. The company was founded in 1930 by Evangelos Papastratos with its first factory located in Piraeus.

In its heyday the company was one of the largest industrial producers in Greece. Whole communities (such as Agrinio)[ flourished from the tobacco plantations supplying Papastratos factories.

The company began a co-operation with Philip Morris in 1975 and was purchased by it in 2003.

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