New Factory in Morocco for Plastika Kritis: Expansion into 8th Country

Plastika Kritis (Plastika Kritis S.A.), one of Greece's most export-oriented industrial groups, is preparing for a new, significant step in its internationalization. Under the leadership of brothers Michalis and Manolis Lempidakis—who continue the work of their father and founder of the Group, holding at least 50% of the share capital—the ATHEX-listed (Athens Exchange) company has initiated the acquisition of Naturplas Industrial Sarl, at a time when industrial growth is driving the Greek economy, expanding its international production footprint.

The Strategic Acquisition in Morocco

The pending acquisition of Naturplas represents a pivotal strategic move. The company's factory is located in Tetouan, in northern Morocco, in very close proximity to the Spanish border. This unit is estimated to record a turnover of nearly €20 million ($21.8 million) for the current year.

If the agreement is successfully completed and the necessary approvals are obtained from the relevant regulatory authorities, Morocco will become the eighth country in which Plastika Kritis maintains a local production presence. It is noted that the company already maintains a production base in seven other countries: Greece, China, Romania, Turkey, France, Poland, and Russia.

Strengthening Export Potential

The primary objective of the Lempidakis brothers through this investment is two-fold. First, they aim to further strengthen the company's portfolio in the production of plastic products for agricultural use. Second, the establishment in Morocco offers direct access to a key market that serves as a strategic hub with open export prospects towards three major directions: Europe, Africa, and the Middle East.

Financial Strength Amid Challenges

Despite the Group's leadership traditionally maintaining a low-profile communication strategy and keeping the stock's performance conservative, Plastika Kritis is distinguished by its strong fundamentals. The enterprise shows uninterrupted profitability, consistently distributes dividends with strong yields, maintains zero debt, and holds an exceptionally healthy balance sheet.

This prudent management provides the company with the necessary shield against modern challenges in the plastics industry. Issues such as rising raw material prices, skyrocketing energy costs, compressed profit margins, and global supply chain disruptions do not appear to derail its business planning. Having emerged unscathed from both the multi-year Greek financial crisis and the COVID-19 pandemic period, the management is expected to face today's multi-level challenges of geopolitical tensions, the energy crisis, and inflation with the same resilience.