Historical Background

The historical course of the company includes the following events - milestones:

1988 (October): The first spinning mill with an annual output of 10,000 spindles and 1,850 tons of cotton-combed yarns is completed and begins operating.

1989: The companies "Nafpaktos Weaving Mills G. Polychronos S.A" and "Polychronos S.A. Fabrics" merge to create the present day company "NAFPAKTOS TEXTILE INDUSTRY GEORGE POLYCHRONOS S.A."

1992: An investment relating to the erection of a modern air-conditioned second textile mill is completed, which significantly improves the quality of the fabrics produced and increases equipment productivity.

1995: Further development of the company is decided upon with the implementation of a new significant productive investment funded by owner's equity raised by listing the company on the Athens Stock Exchange in 1996 and with subsidies from the State. The investment worth 3,000 million drachmas (8.8 million euro) related to the creation of a modern yarn spinning frame unit to increase annual yarn production from 1,850 tons to 3,700 tons.

1996 (July): The shares of the company are listed on the Athens Stock Exchange.

1998: The Company expands its activities abroad (mainly within the Member States of the European Union) thus giving a huge boost to exports, which, during the year 2000, accounted for 28% of its total turnover.

1999: a) The Company increases its share capital by a public subscription worth 1,918,350,000 drachmas with the aim of boosting its working capital (944.5 million GRD) and participation in other companies (944.5 million GRD).
b) 51% participation in the share capital (1,100 million GRD) of the company POLARIS S.A. which is involved in the production of brand name clothing with the internationally renowned trademarks Lee Cooper and Lois.

2000: 51% participation (29.934 Euro) in the company "SOFADΟΝ GINNING MILLS S.A"

2001: 64.5% participation in the newly - established company "BIOPOL AGRO-INDUSTRIAL COMPANY S.A."

2003: On 2/1/2003 the founder and chairman of the company, George Polychronos, passed away unexpectedly