The companies history includes the folowing milestones - events:
Nafpaktos weaving mills operations were resumed.
Nafpaktos weaving mills operations were temporarily suspended.
The company decided to takeover the public limited company PINEIAS 2 ENERGY S.A., that is authorized to 1,3 MW solar park, by purchasing 100% of the shares.
The company dissolved its subsidiaries POLARIS S.A., SILVERSTAR S.H.P.K. and POLARIS ALBANIA S.H.R.L. (based in Korce, Albania ), as they were inert for the whole fiscal year of 2009 and their operations contributed less than 1% in the group’s total revenue.
The decision of the shareholders General Meeting of 26/06/2009 to acquire a minority stake of subsidiary POLARIS S.A. in order to control 100% of the subsidiary company and completely absorb it in the future was implemented.
The company decided to temporarily suspend yarn production as currently yarn’s production cost exceeds it’s selling price. Depending on the relative demand, yarn sales will continue normally from existing stocks. Spinning operation will resume when market condition allow it.
The machinery of the companies first spinning mill, built in 1988, was sold off.
The company acquired a minority stake of the subsidiary VIOPOL S.A. which remained dormant, and completed its absorption.
The founder and president of our company, George Polychronos, passed away suddenly on 02/01/2003.
Participation with 64.5% in the newly established company VIOPOL S.A.
Participation with 51% (10,2m drachma) in the company SOFADON GINNING MILLS S.A.
Share capital increase through public offering by 1.918.350.000 drachmas to strengthen working capital (944,5m) and participate in other companies (944,5m).
IPO on Athens Stock Exchange. Company’s further development by making major new production investment financed by own funds which were raised by ASE listing and grants from the government. The 3,000 million drachmas investment involved creating a modern yarn spinning mill to increase the annual yarn production from 1,850 to 3,700 tons.
Major investment in construction of modern air-conditioned building for second webber facilities, greatly improving the quality of the fabrics and increasing productivity of the equipment.
Merger of companies "NAFPAKTOS WEAVING G. POLYCHRONOS S.A." and " POLYCHRONOS S.A. - TEXTILE MANUFACTURING" creating today&
Completion of the investment and operation commencement of the first spinning mill of 10,000 spindles, with an annual production capacity of 1,850 tons of worsted cotton yarn.