Categories
· Agricultural
· Business (Tobacco)
non-USA, by Country
· Italy
Organizations
· Stw
|
Jump to full article: PR Newswire, 2004-09-17
Author: Source: Standard Commercial Corporation
Intro: Standard Commercial Corporation (NYSE: STW ) today announced that after a thorough strategic review it has decided to discontinue its tobacco processing operations in Italy. The Company is in the process of closing its facilities there and has notified its employees and the Italian authorities in accordance with Italian law. . . .
Robert E. Harrison, Chairman, President and Chief Executive Officer, in making the announcement, said: "In recent years the Italian leaf tobacco market conditions as well as the strengthening of the Euro have had a significant adverse impact on our results in this market and our future projections indicate a continuation of this trend. Additionally, the recently enacted reform of the Common Agricultural Policy within the European Union and its likely effect on future tobacco production and costs have added further impetus for us to take this decision.
Jump to full article » |