Viohlco, a heavy industry corporation, announced Monday it will move its headquarters and stock market listing to Belgium. It is the third big firm in a year to flee the austerity-hit country for a more stable, lower-tax jurisdiction.
Viohalco shares were down 8.5 percent to 4.08 euros in Athens on Monday.
Viohalco S.A. is composed of tens of different companies active in the metal production, steel and aluminum trade. Its president, Nikos Stasinopoulos, is one of the richest businessmen in Greece. The magnitude of this corporation is visible in the fact that 7 percent of Greek exports are made by it. Viohalco’s overall sales for 2006 came to around 2.5 billion euros, with profits of 298 million euros – a 68 percent increase from the previous year (sales-and-profits from January–September 2006).
Viohalco has heavily invested in Romania, Bulgaria and the UK, and in recent years achieved a major deal in steel manufacturing with a US-based company. (more here and here and here)
PS I was thinking, the success story brings investors in Greece, but possible it pushes them away…
