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 handle the editing of our written content, the majority of the technical aspects of the site and work with the rest of our staff on content management, business development and more. I’ve lived in most corners of the country and now entering my second stint in Dallas, Texas. I enjoy boxing, headphones, the Le Mans 24-hour, wearing sweatshirts year-round and gyros. echte liebe.
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