Philip Morris Targets Increase In Asia Share With Subic Depot
Subic, Philippines - Philip Morris International (PMI) hopes to expand its market share in the Asia-Pacific region when it fully opens its biggest storage facility in the region.
Philip Morris Targets Increase In Asia Share With Subic Depot
Joseph Dela Cruz - AHN News Writer
Subic, Philippines (AHN) - Philip Morris International (PMI) hopes to expand its market share in the Asia-Pacific region when it fully opens its biggest storage facility in the region.
It recently held a soft opening of the facility in the Subic economic zone in which it will invest a total of over $24.67 million in the next two years.
PMI unit Philip Morris Philippines Manufacturing Inc. managing director Chris Nelson told reporters the company targets the production of 32 billion sticks of cigarettes in 2008, one third of which would go to markets overseas.
The new project inside the Subic Bay Freeport and Special Economic Zone hopes to complement the company's target to increase its market share in Asia-Pacific.
After several months of negotiations, Philip Morris has finally chosen the Philippines over Singapore as the site of its biggest warehouse, which has a capacity to store 24,000 metric tons of tobacco.
To complete the proposed storage facility, the company will spend P30 million for the first phase that would involve the renovation and refurbishing of the 10,000 square meter building 8120 owned by the Subic Bay Metropolitan Authority located at the Boton area.
Initially, the warehouse has an estimated capacity for 6,100 metric tons to tobacco leaf coming from Indonesia, Thailand, India and China.
Bulk of the costs valued at $24.67 million would go to the second phase of the project including the construction of a new state-of-the-art warehouse in 2009. The proposed facility is expected to hold four times the capacity of the first phase of the project.
Philip Morris Targets Increase In Asia Share With Subic Depot
Joseph Dela Cruz - AHN News Writer
Subic, Philippines (AHN) - Philip Morris International (PMI) hopes to expand its market share in the Asia-Pacific region when it fully opens its biggest storage facility in the region.
It recently held a soft opening of the facility in the Subic economic zone in which it will invest a total of over $24.67 million in the next two years.
PMI unit Philip Morris Philippines Manufacturing Inc. managing director Chris Nelson told reporters the company targets the production of 32 billion sticks of cigarettes in 2008, one third of which would go to markets overseas.
The new project inside the Subic Bay Freeport and Special Economic Zone hopes to complement the company's target to increase its market share in Asia-Pacific.
After several months of negotiations, Philip Morris has finally chosen the Philippines over Singapore as the site of its biggest warehouse, which has a capacity to store 24,000 metric tons of tobacco.
To complete the proposed storage facility, the company will spend P30 million for the first phase that would involve the renovation and refurbishing of the 10,000 square meter building 8120 owned by the Subic Bay Metropolitan Authority located at the Boton area.
Initially, the warehouse has an estimated capacity for 6,100 metric tons to tobacco leaf coming from Indonesia, Thailand, India and China.
Bulk of the costs valued at $24.67 million would go to the second phase of the project including the construction of a new state-of-the-art warehouse in 2009. The proposed facility is expected to hold four times the capacity of the first phase of the project.
Labels: Philip Morris, subic
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