[1] The company was formed in 1930 by Evangelos Papastratos with its first factory located in Piraeus.

Its second factory opened in 1933 in Berlin but was forced to close in 1936 under pressure from the Nazi regime.

Whole communities (such as Agrinio)[4] flourished from the tobacco plantations supplying Papastratos factories.

[5] In 2009, a new factory was inaugurated in the area of Aspropyrgos, an investment of more than €100 million, with a production capacity of 20 billion cigarettes annually.

Cigarette brands produced by Papastratos include Assos International and Old Navy.