Vitex: A success story defying the odds amid Greece’s economic crisis

The largest Greek-owned company of architectural paints managed to achieve an astonishing turnaround

Vitex, the largest Greek-owned company of architectural paints, the recognised ambassador of Greek industry worldwide was recently honoured with an invitation to present its “survival” story and successful turnaround case study during the Coatings Summit.

The Summit, held in Paris this year, is the most prestigious event of the coatings industry in the world, where leading CEOs present their exceptional achievements. It is the first time a Greek company was represented in the event which takes place every two years in Europe, Asia and the US.
Mr Armodios Yannidis, CEO of Vitex presented the company’s actions navigating through the crisis and the successful turnaround that led to the highest market share of its history in architectural paints.
The Vitex CEO mentioned the innovative management model that was promoted but also the fact that the company managed to simultaneously increase sales by 47% in six years, raise employment by 20% and reduce its debt by 50%.

A few days later, Vitex hosted the Guild CPO’s European annual meeting of members/ partners. Guild CPO is the largest association of independent paint industries in the world, comprising of more than 80 members and total sales that exceed 5 billion USD. During this event, Vitex presented its successful promotion strategy of the Colour Guild visualisation tools and collections, exclusively offered by the company in the markets where it operates.
The meeting on Vitex’s premises was honoured by the presence of many CEO’s and top management representatives from many countries around Europe.
Continuing the “Vitex on Global Tour” campaign, and after the successful participation at the Big 5 Show in Dubai, Vitex’s executives are getting ready to present its products in Germany during the FAF show (Cologne, 20 – 23 March) and Russia’s Mosbuild show (Moscow, 2-5 April).

Despite the economic recession Vitex continues to invest, by developing and producing high quality products for the sectors of architectural paints (Vitex), bituminous waterproofing materials (Hermes), external thermal insulation (VitexTherm) and yacht paints (Eumaria), at the largest paint factory in Greece, one of the most advanced in Europe (with an investment exceeding €30m). Vitex products are distributed in 20 countries worldwide.