FAGE Moves its Headquarters from Greece to Luxembourg

FAGE Moves its Headquarters from Greece to Luxembourg

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FAGE Headquarters

Dairy giant FAGE announced that is transferring its headquarters to Luxembourg from Greece. The move is considered a step for the company to  reduce its exposure to the Greek financial crisis. Luxembourg also offers a favorable tax environment and better access to bank funding.

The FAGE Group completed an internal restructuring designed to enhance the efficiency of the Group’s corporate structure and to better reflect the increasingly global nature of the Group’s business.

The newly formed Luxembourg corporation is the parent company for all of the Group’s operations and it will be controlled by Messrs. Ioannis and Kyriakos Filippou.

FAGE’s operations in Greece are held though its Greek subsidiary, FAGE Dairy Industry S.A. (the Group’s former parent company).

The FAGE Group began its business in 1926 with the establishment of the first dairy shop in Athens by the family of Mr. Athanassios Filippou, the grandfather of today’s Chief Executive Officer and Chairman. Following the restructuring, the Group remains 100% owned and strategically led by members of the Filippou family.

Athanassios Filippou, FAGE’s Chief Executive Officer, stated: “We are pleased to announce this corporate restructuring, which builds on our Greek heritage while positioning us to compete even more effectively in the global marketplace.

The worldwide demand for our products continues to grow and we are poised to take advantage of market developments in Europe, North America and wherever else they may arise.”

Athanassios-Kyros Filippou, FAGE’s Chairman, stated: “This restructuring reflects the fact that our dairy operations have grown from our base in Athens to become an increasingly international business. We are committed to growing our business together with our investors, customers and suppliers, and to maintaining an efficient organizational structure that helps us to accomplish our goals.”

FAGE is one of the leading Greek dairy companies and sells a wide range of branded dairy products, including yogurt and dairy desserts, milk and milk creams, and cheese. These products are produced and sold in Greece and the United States, and exported from Greece to 29 other markets globally, including the United Kingdom and Italy.

  • mathematics

    First the money – now the companies – are leaving Greece.
    It was a big mistake to cheat the EU.

  • The maverik

    If the political system doesn’t change its structure more will follow suit. The same happened in the UK in the 90′s when the chancellor of the exchequer of the UK announce rise in taxes large companies moved to France and the UK lost billions in taxes.

  • Choralife

    The Fage family made it’s fortune here in Greece, it should be paying it’s taxes here. I, for one, will not be buying a Fage product again.

  • mathematics

    The Fage family knows : The Greek exit will destroy the company – so they reduce its exposure to the Greek financial crisis and transferrs its headquarters to Luxembourg.
    It’s very simple : Luxembourg, Paris, London,… are a better places for companies.

  • Cypriot

    Clearly the austerity measures are working. Everyone’s leaving Greece and the Germanic countries are becoming richer.

  • Complaints007

    Wake up to yourselves…Greece is a basket case…Yes you read right..
    Greece has no land titles office..Staff go on strike block roads ..No guaranteed supply chains exist in Greece…Minimum wages are too high at $600 euro a month and should fall to $300 euro like its neighbours..The company tax rate is too high at 25% in Greece, it needs to fall to 10%…Permanent employment n public sector needs to be abolished and closed professions need to be opened up with a centralised licensing body for all trades and professions in Greece..
    Unfortunately Greece needs to implement changes and until Greece’s leaders do this nothing will change in Greece.. 
    Unless the above happens more and more companies like Fage will leave or have left already….People may not like the truth but that is the reality of it…Greece is part of a global economy…

  • george1965

    $600 euro is too high …..???????
    Where are you from my friend?From Pakistan?

  • Complaints007

    Greece is the new Pakistan of Europe…..
    Unfortunately….