Greek "Asco Group" to finish works on modernization of factory of metal products in Futog - 13.5m EUR worth of investment

Eleftherios Kaltapanidis

Greek "Asco Group", which deals with production of wire, wire and metal products and structures, is close to complete implementation of a large investment project, worth 13.5m EUR, in Futog-based factory "Asco Vidak", which represents one of the largest investments in production in the province.

After it had revived and built the solid foundations for fallen factory "Milan Vidak", Greek company has been investing in production, that is, construction of new facilities, modernization of existing ones, and introduction of new production lines, for four years.

As the President of "Asco Group", Eleftherios Kaltapanidis, explained, the factory in Futog has been reorganized, the up-to-date equipment has been bought, new standards have been introduced, and all that with the aim of obtaining quality final product at lower costs.

- When we came into the possession of the property in 2006, situation in the factory was horrible, and we started working on its recovery. We registered 2.5m EUR worth of turnover that year. Successful operations were continued, so that our turnover in 2007 amounted to 6.5m EUR, and it was doubled in 2008. Projected turnover for year 2010 is 15m EUR, but the unfavorable economic ambient in Serbia and the crisis that hit the building industry will, most likely, affect its realization – says Kaltapanidis.

Eleftherios Kaltapanidis

"Asco" built two halls in Futog, that is, 5,000 square meters of new space. In addition, four new production lines have been bought. Some machines have been delivered by Austrian company EVG, the largest European manufacturer.

- We have also invested in two "Pratto" lines, that is, production of electric-weld net, profiled panels, armature net... The factory in Futog now also produces high-carbon wire on the line of German manufacturer "Koch", and we used to import about 5,000 tons of that wire per year - said Kaltapanidis.

That group covers 95% of the market in Greece, and the ambitions of "Asco Vidak" are to become the largest manufacturer of wire in Serbia and the leading company in this part of Europe.

- We do not have a strong competitor in the region in certain production segments. For example, we are the only manufacturer of hot zinc-coated wire - said the people from "Asco Group".

"Asco Vidak" exports its products to all countries of former Yugoslavia, Austria, Italy, Hungary... About 60% of the goods are sold in local market, while the rest is exported, and, as the people from the company say, the idea is that that proportion be reversed, primarily because of more favorable market climate, business terms, banking guarantees, etc.

"Asco Group" with the headquarters in Kavala is one of the largest European manufacturers of industrial grids and fences. The company exists since 1982, and one of its most significant projects was participation in construction of Olympic stadium, marathon track and other sports facilities for the needs of the Olympics in Athens. "Asco" comprises mother company and another six companies in Greece, Romania, Italy and Serbia.