With the completion of the Chromopyrgos in Agia Paraskevi Aspropyrgos – a flagship investment of 8.5 million euros, which is part of a broad and multi-year investment program – the expiration of 2025, in less than two months, marks the closing of Vitex’s transformation cycle.
2026, as underlined by the CEO of the Greek paint industry, Armodios Giannidis, will be a year of assimilation of changes and restructuring, with the aim of further strengthening extroversion and competitiveness.
“It is a state-of-the-art construction chemical plant, with a very low energy and environmental footprint,” he explains. At the same time, as he adds, two more Vitex investments have matured in storage areas in Aspropyrgos and Belgrade, which allow doubling the storage capacity of the paint industry. In the same direction, Vitex is promoting changes in corporate governance, upgrading digital processes, while the restructuring of the corporate identity is imminent, which will mark the rebranding of the company.
Regarding the financial performance, Mr. Giannidis states that the turnover of 2025 will exceed 90 million euros, from 86 million euros in 2024, while “profitability will remain at high levels.” As he points out, the company has managed to significantly reduce energy costs thanks to investments in Renewable Energy Sources since 2011, which make it almost energy neutral.
Have the prices of the company’s products increased? “The rise in prices has been restrained, with our products remaining at affordable levels,” answers Mr. Giannidis.
With strengthening extroversion a constant priority, Vitex’s CEO notes that exports account for around 30% of turnover. “We are one of the most dynamic exporters in the sector,” he says, pointing out that the United Arab Emirates is the new target market, where the company has found a reliable strategic partner.
Asked about the possibility of listing Vitex’s shares on the Stock Exchange, he clarifies that there is no such plan in the immediate future, as the company fully covers its investment program without the need to raise new funds from the capital market.
Vitex has been the subject of a study by Harvard and Cranfield University for the “family2family” model that “upgrades the traditional “business2business” and strengthens the cooperation of family companies with intergenerational continuity”. “Our mission”, he underlines, “is to hand over the keys to the next generation with the same responsibility and the same passion for creation”.
Years – stations of Vitex
- 1932 – Foundation of the company HERMIS with activity in waterproofing and insulating materials
- 1960 – Production of the first Vitex plastic paint
- 1997 – Starting the coloring system
- 2000 – Establishment of a subsidiary company in Serbia
- 2007 – Creation of a new factory in Aspropyrgos
- 2008 – Establishment of a subsidiary in Bulgaria
- 2014 – Start of VitexTherm activity
- 2015 – Start of production of marine paints
- 2019 – Repackaging – “The new image of Vitex”
- 2020 – Expansion of VitexTherm storage capacity
- 2022 – New VitexTherm ready plaster production plant
- 2025 – Completion of Chromopyrgos, the new state-of-the-art mortar production unit