The “battle” between the Sarandis brothers and Dodoni, and by extension between the Greek Dairies group and the American fund CVC as the main shareholder of the former Ioannina cooperative and owner of Vivartia, is taking on new dimensions.
The fight this time takes place outside Greek borders, specifically in Cyprus.
The Thessalian group Greek Dairies of the Sarantis brothers, known to the general public under the trademark “Olympus”, which today occupies a leading position in the dairy industry, yesterday announced the signing of an agreement for its participation in the share capital of the historic dairy industry “Kouroushis” in Cyprus.
Dodoni has been in Cyprus (Limassol) with a halloumi factory since 2016, while this year Hellenic Dairies started the construction of its own halloumi factory.
The new factory and Kouroushis
With a total budget of 35 million euros, the capacity of the Sarantis brothers facility in full development (expected to be reached in 3-5 years from the start of operation) will amount to 180 tons of milk/day.
But until the new factory of the Sarantis brothers in the Industrial Area of Tseri in the province of Nicosia goes ahead, the Greek dairy farmers seek on the one hand to strengthen their commercial activity on Cyprus and beyond, but also to familiarize themselves with the production process of halloumi by supporting Cypriot farmers and acquiring partnerships.
Hence the acquisition of 49% of the dairy industry N. Th. Kouroushis Ltd, which was founded in 1959 in Vatili Famagusta by Ioannis Kouroushis as a family business.
After the Turkish invasion, the company relocated in 1974 to Kofinou, in the province of Larnaca, where it is housed until today. It produces an important range of dairy and cheese products, from 100% fresh Cypriot milk, through modern production processes.
The Sarantis brothers group, which recently acquired AGNO’s facilities and brand, currently holds the first place in the Greek market among dairy producers with a turnover of 427 million euros in 2021 compared to 404 million euros in 2020.
Halloumi accounts for 20% of Dodoni’s turnover
At the same time, halloumi activity corresponds to 20% of Dodoni’s turnover.
The Dodoni dairy industry showed an increased turnover in 2021 to 141.4 million euros at group level, however it “saw” its net profits decrease significantly (from 5 million euros in 2020 to 1.2 million euros in 2021) due to the historically high prices for sheep’s milk, energy and packaging materials.
The rivalry between Sarandis and Dodoni has been going on for several years and has gone through various stages.
It is recalled that the company of the brothers Michalis and Dimitris Sarantis submitted a bid for the acquisition of Dodoni in 2012 without succeeding in acquiring it.
Great prospects
It is underlined that halloumi is the first exported Cypriot product consisting exclusively of local raw materials.
Indicatively, in 2021 there were exports of 40 thousand tons, which translates to 265 million euros.
In fact, if Fact.MR’s estimates are confirmed, the global halloumi cheese market is expected to reach a valuation of nearly $900 million by the end of 2030, with an average annual growth of over 12% over the current decade.
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.