Monday March 2, 2015 Search
Weather | Athens
11o C
6o 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 companys 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.

Fages 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 Fages 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 companys 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)  
Greek debt becoming less sustainable
No progress seen in tax administration
House protection criteria will benefit wealthy borrowers, too
Agenda
Greece to make international protest over Turkey reserving Aegean air space
Greece is protesting Turkey's move to reserve a large chunk of airspace over the Aegean Sea for military maneuvers until the end of the year, a Greek foreign ministry spokesman says. Foreign...
Spanish PM hits back at Greek accusation of anti-Athens axis
Spain's centre-right Prime Minister Mariano Rajoy hit back on Sunday against accusations from Greece's leftist premier that Spain and Portugal had led a conservative conspiracy to topple his...
Inside News
SOCCER
Super League to seek way out of impasse
The Super League governing board is convening again on Monday in a bid to overcome the tensions that keeps building up in Greek soccer despite the suspension of action on the field over the ...
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greece to make international protest over Turkey reserving Aegean air space
2. Super League to seek way out of impasse
3. Greek debt becoming less sustainable
4. No progress seen in tax administration
5. House protection criteria will benefit wealthy borrowers, too
6. Agenda
more news
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. Greece's lenders skeptical on new bills but focus on funding needs
3. Schaeuble softens tone, says Greece 'needs time'
4. Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
5. Lenders to be consulted over collective bargaining
6. Spanish PM hits back at Greek accusation of anti-Athens 'axis'
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. A fierce battle looms
3. The ignorance of the West about the culture of Islam
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. SYRIZA feeling the pain
6. The unlikely winners of Greece's surrender on euro
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.