Posted by meb at March 20th, 2007

KT&G Corp., Korea’s largest tobacco and ginseng company, plans to start construction of a cigarette plant in southwestern Turkey in April, a company spokesman said Monday.
The new plant is designed to boost the tobacco giant’s overseas sales, the spokesman said.
He said ground will be broken for KT&G’s first overseas plant in an industrial complex about 80 kilometers southeast of Izmir, the Seoul-based company said. KT&G will spend 50 billion won ($52.9 million) to build the plant, which can produce 2 billion cigarettes a year.
The company plans to complete the construction this year and start tobacco sales in Turkey next year with the help of local distributors.
The spokesman said KT&G CEO Kwak Young-kyoon will visit Turkey to check on the construction and sales plan.
He said the company has decided on direct investment in Turkey since it is close to the Middle East, the company’s main export market.
“The country will also be a good place for the company to set up the production plant because it is located near the European market, which the company plans to enter,’’’ he said.
Turkey is the world’s seventh-largest tobacco consumer, and annual tobacco sales there reach 110 billion pieces, the company said. KT&G sold a total of $350 million worth of tobacco in 40 countries last year.

source: The New Amatolian

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