BA Glass Greece announced the decision to cease production activities at its plant in Egaleo, Athens, Greece, effective as of the end of March.
Yioula Glassworks and its factory in Egaleo were sold by the Voulgarakis family’s HGI to the multinational Portuguese conglomerate BA Glass Group seven years ago, a sale made then in an attempt to save the company. With the closure of BA Glass Greece’s plant the Greek glass packaging industry is also permanently shutting down, as this was the last glass packaging product maker left in the country.
This decision comes as a result of the current market conditions within the glass industry.
Over the past months, the glass market has experienced a notable decrease in demand, leading to a corresponding decline in sales. This trend has been further exacerbated by a significant increase in stock levels, prompting the need to halt certain production lines.
Despite efforts to adapt to these challenges, the persistent shortage of demand, coupled with the escalating costs of warehousing and its limited availability, has unfortunately led to the closure of the production operations at the Greek plant.