Japan Tobacco Targets European Smokers

Japan Tobacco Inc., the world's third-largest tobacco maker, said Thursday it is paying $629 million to buy Belgian loose leaf tobacco maker Gryson NV, a privately held company with a significant share of Europe's low-cost, roll-your-own cigarette market.

The company's brands include Fleur De Pays, which holds an 11 percent market share in France. Gryson sold tobacco equivalent to 5.2 billion cigarettes last year in several European markets, including Spain, Portugal and Luxembourg.

Our acquisition of Gryson offers an attractive opportunity to enhance our presence in the growing and profitable roll-your-own/make-your-own market in Europe, Eddy Pirard, regional president of Western Europe for Japan Tobacco International, said in a statement.