Greece’s last glassworks factory is closing down

Seven years after the sale of the Yioula Glassworks and its factory in Aigaleo by the Voulgarakis family’s HGI to the multinational Portuguese conglomerate BA Glass Group – a sale made then in an attempt to save the company as the buyer took on loans of 335 million euros – the unit is permanently closing.

This way the Greek glass industry is also permanently shutting, as Yioula was the last glass packaging products maker left in this country.

The Portuguese company cites persistent lack of demand and ever-increasing storage costs.

This is the third factory shutdown by a multinational in recent months, after Reckitt Benckiser and Tupperware.