FAGE set to move HQ to Luxembourg

Dairy giant FAGE is transferring its headquarters to Luxembourg as it aims to benefit from the favorable tax environment of the country and from better access to bank funding, as well as reducing its exposure to the Greek financial crisis.

The Greek firm announced it will retain its production activity in Greece, conducted by FAGE Dairy Industry SA, which will turn from the parent company into a subsidiary of Luxembourg-based FAGE International SA, controlled by Ioannis and Kyriakos Filippou.

"This corporate restructuring builds on our Greek heritage while allowing us to compete more efficiently in international markets,» CEO Athanasios Filippou stated.

"Global demand for our products continues to grow and we are ready to make the most of the growth of the markets in Europe, North America etc."