Matrix Pack, a world leader in the production of plastic straws, has invested 50 million euros this year to expand its product range to include molded fiber products, such as cup lids, bowls and cutlery. Production will be take place both in the company’s central factory in Greece as well as its plants in the United States. Of the total amount, 27 million euros will be provided by the Recovery and Resilience Fund.
The company began its entrepreneurial journey in 2009 with the production of plastic straws, which were subsequently banned by the European Union. Reorienting itself to a sustainable business model and products, and investing over 10 million euros in R&D, Matrix Pack now operates 7 production units in Greece, USA, Bulgaria and the UK, with India in the pipeline, as well as 10 distribution centers (USA, Canada, Spain, Poland, UK, Greece, Bulgaria, Japan). The company is active in 61 countries, serving over 650 customers worldwide, producing 20 billion units of straws and 1 billion other paper and biodegradable products annually.
With top clients including leading chains in the food and beverage sectors such as McDonald’s, Burger King, KFC, Metro, Lidl, Aldi, Tesco, Coca Cola, PepsiCo and Nestle it now ranks among the global top 3 in its industry, competing against South Korean Seoil and Swiss Tetra Pak, even partnering with the latter in some products.
The company’s turnover for this year is expected to slightly surpass 2022’s figures, at 43 million euros. It also recorded an 0.5 million EBITDA increase from last year, reaching 8 million euros.
Data estimate that turnover will almost double to 83 million euros in 2024 and soar to 170 million euros the year after, as cup lid production will be picking up in the US.