Philip Morris International enters FYROM

Philip Morris International enters FYROM

The multinational cigarette and tobacco products manufacturer Philip Morris International is entering the second largest tobacco and cigarette producing company in the Former Yugoslav Republic of Macedonia, which is Tutunksi Kombinat Prilep and its is situated in the town of Prilep. The relevant agreement was recently signed in the capital Skopje by representatives of the local government and of Philip Morris International.

According to this agreement, Philip Morris acquires a 51% share of this particular tobacco producing company, while the rest 49% will remain under the management of TKP. Following the signing ceremony of the agreement representatives of the FYROM government and of Philip Morris International expressed the certainty that a solid foundation is being created though which this local tobacco producing industry will overcome the financial crisis it is faced with it, since it has been making losses for many years now.

Prior to this deal the majority of the shares in the TKP company was owned by the state. The main activities of TKP include the purchase and sale of eastern type tobacco as well as the manufacturing of cigarettes. TKP holds a market share of 20% in the national market, which renders it the second largest company in the industry. The biggest company in the field in FYROM is Imperial Tobacco TKS which is headquartered in Skopje and which holds a massive market share of 60%.