Tuesday, April 22, 2008

S.Korea's Tobacco Giant Opens First Overseas Plant In Turkey

South Korea`s top tobacco company Korean Tobacco & Ginseng (KT&G) has opened on Thursday a factory in Turkey which is the first overseas plant of the company.
KT&G plans to produce two cigarettes brands at its plant in Aegean province of Izmir, company`s chief executive Kwak Young Kyoon said at the opening ceremony.
The plant, which has the capacity to produce 2 billion cigarettes a year, will ship 60 percent of its production to central European and Middle Eastern countries, mainly to Iran, Bulgaria, Hungary and Spain.
Kyoon said his company spent nearly 50 million USD for the plant, adding that KT&G targets 3 percent of market share in its first year in Turkey, and aims at 5 percent market share in the next three year.
KT&G is the largest tobacco company of South Korea and sells 100 billion cigarettes a year to almost 40 countries. The company is also active in ginseng, pharmaceutical and real estate sectors.