ATHENS – Pepsi announced that by the end of the year, 60% of its soft drinks for the Greek market will be produced domestically, eight years after closing its factory in Oinofyta, north of Athens.

Production of beverages in PET packaging will commence at the NuAqua factory in Loutraki, which Pepsi sold to the company in 2021. A second phase will introduce glass bottle production.

Pepsi positioned itself for this shift in 2023 when EPSA took over the production of canned soft drinks for the multinational, with the exception of Pepsi Cola and 7UP, as soft drink companies adapt to consumer demand for sugarless options.

“The market conditions when we decided to close the factory in Oinofyta and move production to Romania were very different. Transportation costs were low. We revised our decision because of the war in Ukraine, events in the Middle East, and the now high transportation costs,” CEO Inga Dengel told reporters.

“Our goal is to double our activity,” Dengel said, acknowledging the challenge this presents in competing with Coca-Cola and others, particularly in hotels, cafeterias, and restaurants, where Pepsi holds around a 5% market share.

PepsiCo Hellas recorded a turnover of about €234 million ($260.52 million) in 2023, an 18% increase from the previous year, marking a return to profitability despite facing heightened competition and inflation.