Philip Morris decided to build a factory in Ukraine for $30 million

American tobacco company Philip Morris International will build a new factory in Ukraine for $30 million. reported in company.

The enterprise will be located in the Lviv region. Its construction will begin in July 2023. The company expects to launch production as early as the first quarter of 2024. The new enterprise will first of all employ employees from the company’s plant in Kharkiv, whose work was stopped after the start of the special operation. In total, the factory will employ 250 people.

According to the President of the European division of Philip Morris Massimo Andolina, the company thus “demonstrates loyalty to Ukraine and its people” and gives a signal to other investors of confidence in the country’s economy.

Philip Morris has been operating in Ukraine since 1994. According to its own data, during this time it has invested more than $700 million in the country’s economy, and in 2022 the amount of taxes paid amounted to UAH 25.3 billion.

In early March 2022, against the background of Russia’s special operation in Ukraine, Philip Morris suspended all investments in Russia, including the launch of new products. The company cited “continuing supply chain disruptions and a changing regulatory framework” as the reason for the decision. The Russian market is the seventh largest for Philip Morris, and the share of the manufacturer’s tobacco products on it is 27%.

In February 2023 CEO Jacek Olczak in February declaredthat Philip Morris would “rather leave” its business in Russia than sell it on unfavorable terms.