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Mega Yeeros

Greek gyros production unit inside an American university

Rutgers University's Food Innovation Center will open in May the new 400,000-ton capacity production facility of Mega Giros. Sales of 12 million in 2023 in the US.

At the beginning of next May, the third plant of Megas Giros in the United States is finally due to open and, given the fact that this plant is experimental, Mr. Nikos Loustas, President and CEO of the company, is looking for the state that will offer the best tax subsidies to "transfer" it.

Speaking to BD, Mr Lustas explained that the new plant - with an investment cost of around EUR 2,5 million - is being built on the premises of Rutgers University, one of the most prestigious research universities in the USA.

It is worth noting that the University's Food Innovation Center - accredited by the FDA and USDA - supports food industries and entrepreneurs from the stage of implementing a business idea to the production of products. By taking advantage of this opportunity, when the new facility - which will remain in this environment for three years - is operational, it will have the capacity to produce 400,000 tons of products.

"They have already been sold," Mr Lustas points out in BD. It will produce, among other new products, such as Mexican gyro, meatless and beef and lamb gyro. Products compatible with the eating habits of American consumers. The company's products are already present in 32 states and the network is constantly expanding.

As he notes, during 2023 the company's sales in the United States amounted to 12 million euros. During the last year, the group's total sales - the largest in this sector in the Greek market - amounted to 62 million euros, compared to 54 million euros in 2022, and EBITDA to 5.7 million euros, compared to 3.4 million euros in 2022. What is of particular interest, however, is the group's export dynamics.

Last year 47% of the group's sales came from abroad, having a presence on all continents, while Mr. Lusta's goal is for the group's foreign sales to reach 60% of its total sales. The next big step, as mentioned above, is to find the state with the best tax subsidies in order to set up the second, "proper" factory in the United States.

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