Philip Morris to invest $30 million in new Ukrainian production facility
Photo: Philip Morris International (Getty Images)
Philip Morris International is investing over $30 million to launch a new production facility in the Lviv region of Ukraine. Preparatory work for the future factory will commence in July 2023, according to a company press release.
The company stated that the new production would allow them to meet domestic demand fully.
The company expects production to commence in the first quarter of 2024. The new factory will employ over 250 people, mainly in production roles. Priority for employment will be given to employees of the company's Kharkiv facility.
"We are proud to announce this new investment in Ukraine. Our new facility will provide reliable product supply and employment opportunities for Ukrainians. But it is more than just an investment in infrastructure and expanding our company's capabilities. It is a demonstration of our commitment to Ukraine and its people. This investment sends a powerful signal to other international investors - confidence in Ukraine's economy, the Ukrainian people, and the future of Ukraine," said Massimo Andolina, President of the European region for the company.
Maxim Barabash, the General Manager of "Philip Morris Ukraine," added that the investment in the new facility again demonstrates the company's support for Ukraine.
"This investment embodies our commitment as a long-term economic partner of the country. The new production at the location proposed by UkraineInvest will create jobs, meet the demand of the Ukrainian market with quality products, and support the Ukrainian economy during challenging times for the country. We are not waiting for the war's end - we are investing now," Barabash added.
"Philip Morris Ukraine" has operated on the Ukrainian market since 1994. Over this time, the company has invested over $700 million in the Ukrainian economy. In 2022, PMU paid 25.3 billion UAH taxes in Ukraine.
