Armodios Giannidis, president of the Panhellenic Union of Paint Industries announced that Greek paint producer companies showed resistance during the crisis as there were no company failures or bankruptcy during the 2008-2016 period.
On the contrary, he noted that the industry managed to enhance its distribution network supporting 2,800 partners throughout the country, and its enterprises boosted their export activity while continuing investment in research, development of innovative products and introducing European standards.
The industry recorded a turnover of 252 million euros in 2014, of which building paint materials accounted for 190 million euros. Turnover is down 42 pct in the 2008-2016 period reflecting a collapse in private building activity. There are 11 large paint industries in Greece, with a turnover of more than 3.0 million euros, of which 10 are Greek and one foreign.
Greek companies account for 80 pct of total market share and they are investing abroad with 20 subsidiaries and five factories in foreign countries, while exports were significantly surpassing imports. The sector has a direct workforce of around 1,500 while around 3,000 jobs have been created indirectly.
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