ECONOMY

Greeks getting their Fix and liking it

Beer producer Olympic Brewery, baesd in central Greece, saw the relaunch of historic brand Fix Hellas this year exceed all expectations and is set to make new investments in 2011 to respond to rising demand. Fix returned to the market in spring after decades of absence, and although Olympic’s target had been a 5 percent share of the market within five years, Fix acquired 3 percent in less than 12 months. The main shareholder of the company that acquired the Fix trademark last year, Ioannis Hitos, announced that Olympic will proceed to a new investment of 25 million euros, of which 15 million will go toward the expansion of the plant at Ritsona, in the prefecture of Evia, while the rest will be invested in the sales network. The new investment is expected to be completed by April 2011 and will result in increasing production capacity to 50 million liters per annum, from 12 million today. Olympic’s further growth will lead to the creation of new jobs at a time of particular hardship in terms of employment. Today the company employs 105 people, but after the completion of the investment this figure will exceed 150. Olympic Brewery is expected to end 2010 with gains, while turnover is estimated to reach 12.5 million euros. Forecasts for 2011 are optimistic, as the firm’s target now is for a market share of 8.5 percent and trebling turnover to 40 million euros. Its administration is also eyeing the export market, having already started examining the possibility of placing Fix Hellas in three foreign markets within the next year.