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France’s Biosyntec buys state-owned cigarette firm


2011-02-03



Biosyntec, a French maker of chemo-preventive cigarette filters, will invest PLN 100m (approx. €26.5m) at Zaklady Tytoniowe w Lublinie (ZTL), a state-controlled cigarette maker, after winning the race to acquire 70% of shares in the company from the Ministry of the Treasury in an auction announced last November.

The French firm agreed to pay PLN 32m (€8.2m) for ZTL, seeing off a rival bid from Lubelski Chmiel. Biosyntec had been eyeing ZTL for several years. It has pledged to locate production of innovative filters in Lublin.

ZTL specialises in the production of smoking tobacco, filter tubes and cigarette papers as well as in the distribution of cigars, cigarillos and various smoking accessories. It controls about 20% of the Polish tobacco market and 0.5% of the country’s cigarette market. In 2009 (latest data available) it generated revenues of just over PLN 128m (€33m) and made a net profit of PLN 3.6m (€0.9m).



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