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German BOSCH/SIEMENS close down historic Greek factory PITSOS, transfer it to Turkey

The historic Greek factory , PITSOS  a leading manufacturer of household appliances and one of the largest industrial units in the country is to close down by the end of the year and being transferred from Greece to Turkey. The factory is owned by Bosch-Siemens Hausgeraete GmbH and gives work to 700 people.

In a letter to Prime Minister and the Development Minister, the workers’ union urged the political leadership to prevent the closure of the “profitable company.” Furthermore, they denounced that the closure and transfer to another country violates the investment agreement of the most recent purchase by Bosch in 2015.

PITSOS S.A. (Πίτσος) was founded in Athens in 1865 and began as a company manufacturing small household appliances and oil heaters. In 1959 it began production of fridges in a new factory; it soon invested heavily on the development and production of a wide range of modern home appliances, including TV sets. Other metal structures, including 3-wheel pickup trucks were also produced.

155 years of historic presence in Greece come to an end…

In 1977 Pitsos was bought by Bosch-Siemens Hausgeraete GmbH βυ 60%. In 1996 was rebranded to “BSP A.B.E. Ikiakon Syskeyon”. Gaggenau and Neff joined the group in 1998 and 2002 respectively. Recently,the company was rebranded to “BSH Home Appliances” (“BSH Ikiakes Syskeves A.B.E”).

BSH (Pitsos) boasts a leading position in the Greek household appliances market with a market share of approximately 40%. Its revenue reached €308 Million in 2005. Approximately one third of the total revenue comes from exports mainly to Europe and the Middle East.

The leading white goods manufacturer (such as refrigerators, fridges and ovens and, decreasingly, washing systems) in Greece producing 400,000 units per year, 30% of which for export.

According to the Panhellenic Federation of Metal Workers (POEM), the company has already announced that it will stop production on 31. December 2020,  leaving hundreds of employees unemployed.

“The former PITSOS Company was founded in 1865 and has a history of 155 years. It is a subsidiary of BSH which was 50% owned by Siemens and 50% by Bosch. From January 1, 2015 BSH (pitsos) passed entirely to Bosch and the acquisition price amounted to 3 billion. The company is still profitable today,” the union wrote to the political leadership, urging them to launch initiatives to prevent the closure.

The letter stated that Pitsos employees have denounced the breach of the investment agreement as well as the loss of hundreds of jobs and decrease of exports..

POEM noted that the company BSH (PITSOS) was used by SIEMENS-BOSCH in exchange for the compromise with the government, as the agreement of the contract clearly stated that Siemens would consider the construction of a production plant in Greece worth 60 million euros and creating 700 jobs.

“This investment of 60 million euros by Siemens refereed to the relocation of the factory from Rentis [suburb of Piraeus] to the area of Elefsina,” POEM noted and stressed that “unfortunately, even today, the out-of-court settlement with the Greek State remains unimplemented, while with the seal of several governments, the SIEMENS has returned to public tenders, the POEM denounced.

The out-of-court settlement had to do with the bribes scandal in which SIEMENS was involved.

“Development with closed factories does not exist,” the union POEM said and requests a meeting with PM Kyriakos Mitsotakis.

PS that’s certainly the famous German solidarity with Greece LOL

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  1. With regard to Pitsos falling into Turkish hands I think that the Greek retailers should boycott the buying of these products from Turkey. Germany is much to blame for its treatment of Greece, and in no mean way is also responsible for much of the financial woes experienced by Greece. Disgraceful treatment.

    • What’s “Germany” for you? The governement? The people? This is a german company and this is business, not politics. What the greek government has to do is to give foreign companies incentives to invest in Greece. Greece lacks industry. I only hear about tourism, hotels, etc.

  2. It is not the first Factory to leave Greece, to cut their loses and start again in Turkey. Wages are lower in Turkey, electricity price is lower, taxes are lower. The large Turkish middle class is growing unlike the rest of the western world. The devil has rolled up his sleeves and is ready to grab Erdogan and his clowns. Turkey with a little self respect will prosper and flourish. Greeks do not have to go to Germany or New York to earn a living. Soon many more Greeks will be working in Turkey and at all times never more than an hour from their loved ones. The real Turks and Greeks have far more connection than many other people who live in Turkey.

    • Unfortunately, this uneducated epileptic Erdogan has destroyed yet another entire generation with his propaganda of hate on one side and intolerable provocation on the other with the devil’s blessings.

  3. “breach of the investment agreement”
    Germany never even repaid their WW2 loans as promised after reunifying their East

    Loans are forced in both directions but paid in only one direction it seems.

    And what a finer partner in crime to transfer it to, Turkey. One who also shares a history of genocide to contemporary piracy, one territorial and the other by unfair and illegal trade surpluses to avoid imbalance, let alone dominating a common currency against its subordinates.

    After Turkey is dealt with, Brexit is not enough. Europe should take a closer look at this so called union, let alone its very head having tried to destroy Europe twice and it is still nationalistic with now a rise of an AfD.

    I hope that Biden will support Greece against these savage banks on one side and and tanks on the other.