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ULT Magyarország to buy less tobacco this year

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Hungarian tobacco processor Universal Leaf Tobacco Magyarország is planning to reduce its tobacco-growing areas this year, as well as the amount of tobacco it buys from producers, due to oversupply on the market, CEO Imre Bittner said yesterday, according to Hungarian news agency MTI.

According to the CEO, the company purchased 6,100 tons of Virginia and Burley tobacco from Hungarian producers last year, a 30% drop as compared to the preceding year. Nevertheless, a large part of the harvest from 2014 and 2015 is still stored in warehouses as unsold stock, the CEO added, according to MTI.

Bittner said that ULT Magyarország plans to buy 3,500 tons of Virginia and 1,000 tons of Burley tobacco in 2016 as compared to the earlier purchase of 5,500-6,000 tons and 2,500 tons, respectively.

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