Philip Morris Polska ends '98 with 20% revenue increase, 300% profitincrease

Philip Morris purchased 32% of the shares of a Krakow tobacco company in 1996 for $227 million and the promise a further 33% stake after completing an investment package worth a minimum $145 million by 2001. Under the terms of the deal, the firm is obliged to maintain the level of employment and to increase wages by 30%. It would also purchase a minimum of 40% of its tobacco from Polish tobacco plantations. (Rzeczpospolita, page 14)