SANTO DOMINGO – Japan Tobacco International, or JTI, one of the world’s largest tobacco companies, has acquired a 50 percent stake in the Dominican Republic’s La Tabacalera, officials said Wednesday.
JTI bought the Tabacalera stock from Spain’s Consorcio Cita Caribe. The Dominican government owns the rest of the company’s outstanding shares.
JTI’s president for Latin America, Marchant Kuys, said in a press conference at the Office of the President that the deal marked the first time the Geneva, Switzerland-based company had invested in the Dominican Republic, an attractive market due to its economic stability.
“We expect to work closely with the 186 (Tabacalera) employees to create a quality product,” Kuys said.
JTI is the world’s third-largest tobacco company, operating in more than 120 countries and employing over 26,000 people.
JTI’s brands include Winston, Camel and Mevius, among others.
La Tabacalera was founded in 1902 as La Habanera and was renamed Compañia Anonima Tabacalera, or CAT, 12 years later.
In 2000, the company was recapitalized and adopted its current name.