BELGRADE, Serbia, May 8 (UPI) -- Japan Tobacco Intl. Monday acquired 98.45 percent of a Serbian factory to both sell on the local market and export cigarettes.
Japan Tobacco International signed an agreement with the Serbian government, paying $35 million for the cigarette factory in Senta, north of Belgrade, said Mladjan Dinkic, Serbian Finance minister.
The Japanese company plans to reequip the factory in the next 12 months to start cigarette production.
The Senta factory, with the present force of 74 workers, will employ another 100 people in the coming months, Serbia's radio-television reported.
A JTI official said the Senta cigarettes factory is to play a major role in the company's expansion in the Southeast European market.
The Japanese company plans to invest about $127.2 million to expand on the Serbian market and neighboring countries, Belgrade media said.
