AUGUST 8, 2001
BAT aims for Korea
BRITISH AMERICAN TOBACCO, the parent company of British American Racing, is buying into the Korean tobacco market, following the decision of the Korean government to end the monopoly on manufacturing which previously existing in the country. Koreans buy about 100 bn cigarettes a year and foreign tobacco companies are keen to gain a bigger share of the market which is dominated by domestic brands.
BAT intends to build a factory on Korea and it is likely that other rival companies will take similar steps. The interest of the tobacco companies in Korea will add to the support for there to be a Grand Prix in the country. The Koreans want to hold a race and the Korean car firm Hyundai is believed to be working towards producing a Formula 1 engine.
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