Monday October 20, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Fage to increase strained yogurt production at its New York plant

By Alexandra Kassimi

Greek dairy firm Fage is investing in its overseas production capacity to offset losses within Greece, given that elsewhere the company’s sales are going from strength to strength while domestically things are looking rather grim.

As a result Fage has decided to invest more in its expansion abroad, increasing the output capacity for its flagship product, strained yogurt, at its production plant in New York. This is aimed at beating competition from rival products that bear no relation to Greek yogurt even though they often market themselves as such.

The same holds true on this side of the Atlantic, in the UK. Fage has performed outstandingly there following a court decision in favor of Fage and against Chobani, a company owned by a Kurdish entrepreneur. The verdict has forbidden the use of the term “Greek yogurt” for products that are not produced in Greece and do not follow the specific straining procedure. The decision also prevents Chobani from selling in Britain a product that is produced in the US and branded “Greek yogurt.”

Fage is planning to almost double the output capacity of its New York plant from a current level of 85,000 tons per year to 160,000 tons.

Fage’s yogurt sales in the US have grown multifold in the last four years, climbing from 16,600 tons in 2009 to 69,250 tons last year. The new investment amounts to $100 million, while the Greek company has already invested some $235 million in the US.

Last year Fage’s overall sales expanded by 4.5 percent compared with 2012, thanks to the growth in its sales abroad. The dairy firm distributes its products to 280 chains and 75,000 outlets in 40 countries, mainly in the US and Europe. In the US alone its sales grew by 6.9 percent year-on-year in 2013, and in Britain by 5.2 percent, while in Italy they soared 51.5 percent.

The picture is entirely different in Greece, where the company’s sales declined by 4.1 percent last year from 2012. The yogurt market as a whole in Greece is shrinking, as in 2012 it amounted to 250 million euros, down from 267 million euros in 2011.

ekathimerini.com , Monday Jul 21, 2014 (20:42)  
Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
Greek toy retailer Jumbo lifts Q1 sales 11 percent
Greece must stick to reforms, says Schaeuble
European leaders pivot back to debt crisis after wake-up call
PASOK objects to plans for changes to public sector wage structure
Coalition partner PASOK has reacted to leaks about the new pay structure in the civil service by saying that it has not accepted the changes. In a direct attack on Administrative Reform Mini...
SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
Outspoken SYRIZA MP Panayiotis Lafazanis insists that if his party comes to power it will cancel Greece’s bailout agreement “overnight.” Lafazanis added that the policy pledges made by SYRIZ...
Inside News
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PASOK objects to plans for changes to public sector wage structure
2. SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
3. Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
4. Greek toy retailer Jumbo lifts Q1 sales 11 percent
5. Turkish vessel enters Cypriot Exclusive Economic Zone
6. Samaras to visit Cyprus on November 7, ahead of Egypt talks
more news
Today
This Week
1. Hardouvelis does not see 'big surprises' in ECB stress tests
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. European leaders pivot back to debt crisis after wake-up call
4. Greece must stick to reforms, says Schaeuble
5. Samaras to visit Cyprus on November 7, ahead of Egypt talks
6. Turkish vessel enters Cypriot Exclusive Economic Zone
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.