Fage

FAGE, Greece's top yogurt producer, saw its profits soar in the first half of 2023, even though sales volume dropped, because it increased its prices by an average of 13% despite producer prices dropping 38.4% and 21.5%, respectively, in its factories in Greece and the United States.

The price of the milk that dairy giant FAGE uses as a raw material in its factories in Greece and the US may have fallen by 36.8% and 15.3% respectively in the first quarter of 2023, but the prices at which the dairy industry sold its products increased on average in all the markets in which it operates by 15.5%.

Greek dairy producer FAGE decided to withdraw from the domestic milk market, saying that the sector is non-profitable.

The company has already started negotiations to sell all its properties, plants and equipment of the factory in Amyntaio, Florina.

FAGE will focus on yoghurt products with new investments abroad to cover the needs of international markets.

In a post titled “Greek business exodus hits ‘epidemic’ proportions” website CNBC outlines the devastating effects capital controls on the country’s banking system have had on Greek businesses. A number of expatriates and experts point out that the flight of domestic companies abroad is taking ‘epidemic proportions’.

Turkish entrepreneur Hamdi Ulukaya, who was dubbed the “Steve Jobs of yogurt,” by Forbes magazine and who is among the most successful 10 businesspersons in the U.S. will not be able to sell his Chobani brand yogurt in the United Kingdom.

Greece's leading dairy company Fage said on Tuesday it had conclusively won a long legal battle in Britain to block a US-based rival from marketing strained yogurt as 'Greek yogurt.'

Britain's High Court refused to consider further argument from US-based Chobani, which had also lost an appeal against Fage in January, the Greek company said.

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.