Royal Agio Distributes €10 Million to Employees Following STG Sale
There’s much to be decided about the future of Royal Agio Cigars employees now that the company has been purchased by Scandinavian Tobacco Group (STG) but each employee will be getting a payment from the Wintermans family, the longtime owners of Agio.
A total of €10 million ($11.14 million) will be split between the company’s 3,200 employees worldwide. According to a report, the company proposed a €250 per person payment, but that was rejected and led to strikes at the company’s factory in Westerlo, Belgium. Instead, the company will pay a total of €10 million divided amongst the employees. The exact amount a person receives will be based on the number of years of employment for Agio.
STG—the owner of Cigars International, General Cigar Co. and others—purchased Agio for €210 million ($234.59 million).
Agio’s primary business is selling machine-made cigars under the Mehari’s and Panter brands, though it also has a premium cigar label in the form of Balmoral.
Charlie Minato
I am an editor and co-founder of halfwheel.com/Rueda Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I have written about the cigar industry for more than a decade, covering everything from product launches to regulation to M&A. In addition, I handle a lot of the behind-the-scenes stuff here at halfwheel. I enjoy playing tennis, watching boxing, falling asleep to the Le Mans 24, wearing sweatshirts year-round and eating gyros. echte liebe.
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