04 June 2004 12:41
Altadis to stake claim to Russian market
Franco-Spanish cigarette group Altadis is set to enter the Russian market. Altadis, which has announced its intention
to enter the Russian market this year, is currently in talks with three companies: Balkan Star, Baltic Tobacco and
Donskoi Tabak. It has been said of these three, Balkan Star, the second-largest cigarette firm in Russia with 7.6 per
cent of the market and an estimated turnover of $450m (368m euros), will be chosen as the target of a takeover bid.
Currently, cigarettes with imported filters attract a customs duty of 10 per cent, which Altadis would avoid if it
were to produce in Russia. Russian smokers consume as many cigarettes as in Spain, France and Germany combined. Last
year, Altadis recorded EBITDA of 1.078bn euros, and according to experts, could record EBITDA of 1.15bn euros this
year.
Original article Javier Romera
Abstracted from Expansion
[Expansion] |
RUSSIA IN FACTS
