VARVARESSOS SA EUROPEAN SPINNING MILLS
- FAX+30 23320 / 52 – 676
Battling amid adverse conditions
VARVARESSOS SA (EUROPEAN SPINNING MILLS) was founded in 1974, originally under the
name “Spinning Mills Naousis Grig. Varvaressos and Co. SA.” The firm was again renamed to
Varvaressos SA (Spinning Naoussis) in 1990 before settling for its current title in 2003.
The company engages in production and trade of yarn. Initially, the company exclusively produced
cotton yarn, from its launch until 1992. However, paying heed to industry changes and
the requirements of international trade, the company expanded its operations and began producing
an array of specialized yarns. Current production includes special, high-quality thread;
conventional spinning yarn; knitting – weaving yarn; 100% cotton combed; 100% Cotton Q –
Cotton®, with certified cotton; 100% Modal; 100% Micro modal; and, yarn composite of various
contaminants, mainly with natural components.
The company owns two modern spinning mills with 47,000 rings and compact spindles, whose
annual production reaches 6,000 tons of natural yarn. A large amount of production is exported
to other parts of Europe and is based on international and European standards (ISO, GOTS,
Oeko-Tex). The company exports to more than 20 countries.
The firm in 2014 saw its sales drop by 8.3% to 16.3 million euros compared to 17.8 million
euros a year earlier. Exports in the same year accounted for 67.27% of sales, falling to 10.96 million
euros against 11.67 million euros in 2013. EBIDTA dropped to 2.24 million euros compared
to 10.64 million euros year-on-year. Net income plunged to 691,500 euros from 9.48 million
euros in 2013.