Philip Morris to invest 300 million euros in Greece for smoke-free product

Marlboro maker Philip Morris will invest 300 million euros ($323.76 million) in its Greek unit Papastratos to convert the cigarette plant into a maker of tobacco sticks for its smokeless IQOS product, executives said on Thursday.

Launched in 2014, the IQOS device heats real tobacco refills to produce tobacco-flavored vapor instead of burning it, which produces hazardous smoke and tar. It is effectively hybrid real and electronic cigarettes.

"We are implementing what Greece needs right now, investments, new jobs and exports," Papastratos Chief Executive Christos Harpantidis told reporters.

"We will be making a product that will be exported to more than 30 countries in the world."

Greece's economy, battered after a seven-year debt crisis, is thirsty for investments to help bring down an unemployment rate of 23 percent.

Papastratos, with...