ECONOMY

Frigoglass expanding

Refrigerator maker Frigoglass is planning its further geographical expansion, its priority being the areas where its market share is low, such as Turkey and the Middle East, but without ignoring the USA. «The American market remains our strategic target,» said the company’s CEO Petros Diamantidis. The group, which produces refrigerators for commercial use, is present in 14 countries with 19 production units and employs a total of 4,300 people. It recently completed construction of a production unit in China that cost -15.3 million; the company estimates the investment will be amortized within seven years. Diamantidis told Kathimerini the main reasons that drove the company to penetrate the Chinese market are the particularly high growth rates of the country and the low penetration of commercial fridges. «It is estimated that the number of fridges installed amounts to 10 fridges per 10,000 citizens, with the medium-term target being 25-30 fridges, against an average of 130 fridges in developed countries,» he said. «A key element,» he adds, «is the low per-capita consumption of refreshments, amounting to 23 liters, when in America it stands at 264 liters.» For Frigoglass, China is a market with special challenges. «We want to find them, manage them and incorporate them into our plans,» said Diamantidis. The main aim of the company is to strengthen the visibility of its clients’ trade names and increase the availability of products in the Coca-Cola line and then beer as well as the products of ready-made tea, juice and bottled water. Frigoglass also has plants in India and Indonesia, whose total capacity comes to 102,000 units per year.