Greek soap manufacturer Papoutsanis secures EBRD funding
Papoutsanis, a Greek soap and liquid cosmetics manufacturer, has been granted €5 million of financing from the European Bank for Reconstruction and Development (EBRD) to support its investment program.
Since 1870, Papoutsanis has been involved in the production, processing, trading, and marketing of cosmetics and personal care products.
Listed on the Athens Stock Exchange, the Greek soap manufacturer is said to export more than 50% of its products and has invested over €10 million in recent years for streamlining its business operations.
Papoutsanis is now the first Greek firm to join the Blue Ribbon program of EBRD, which offers business advice and finance for firms that show market leadership and high-growth potential.
Menelaos Tassopoulos – Papoutsanis CEO said: “We are excited to join the EBRD’s Blue Ribbon programme as it recognises our successful growth track. At the same time, it enables us to connect with the know-how of an organisation such as the EBRD, in order to support our growth and the implementation of our strategic goals in the years ahead, remaining always committed to sustainability and to the creation of high-quality products with added value.”
The EBRD funding is expected to help Papoutsanis further fuel its competitiveness and growth apart from upgrading its production processes and research and development (R&D) program.
Specifically, the funding will help the soap and liquid cosmetics manufacturer to additionally optimize the production in its fully-integrated production plant in Ritsona, where it develops and produces over 150 million products annually.
Furthermore, the funds will enable the company’s R&D department to develop innovative products which in turn are expected to boost its market profile and competitiveness in 25 plus countries.
Alain Pilloux – Vice President of EBRD said: “We are very pleased to support Papoutsanis, one of the most innovative Greek firms and the first company in the country to join our Blue Ribbon programme. The sector in Greece has strong potential.”