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Arla Foods of Denmark terminates local production in Greece
December 23, 2003 -- Arla Foods and its Greek partner, Delta Dairy SA, have agreed to terminate their joint venture for local production of feta, effective January 1, 2004. Arla Foods’ Greek subsidiary, however, will continue to import dairy products to the Greek market. The move follows unsatisfactory results from the Greek venture. Arla Foods Hellas SA, which is 60% owned by Arla Foods and 40% by Delta Dairy, will be wholly owned by Arla, while Delta Dairy will take over 100% of Vigla Olympou SA, the existing production company that mainly produces Greek feta and kasseri (Protected Designation of Origin) cheese products. Vigla Olympou's kasseri cheese is produced and marketed under the "Imerino" brand.
"We are now focusing on Arla Foods’ products and restructuring our business in Greece in order to achieve a satisfactory result for 2004," said Torben Olsen, Director of Arla's European Division. The two companies will, however, continue their sales partnership, which includes exports of feta to third countries. Arla Foods entered into the joint venture agreement with Delta Foods in November 2000. Arla Foods' annual exports of cheese and Lurpak butter to Greece are worth approximately DKK 350 million. Source: Arla Foods. Back to INVgr's Special Section on South-East Europe
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