Dutch dairy firm boosts stocks in Greece, expects hoarding

Reuters , Monday 29 Jun 2015

FrieslandCampina, one of Europe's biggest dairy companies, has boosted its stocks of condensed milk and infant formula in Greece in anticipation of stockpiling by consumers, a company spokesman said on Monday.

The Dutch cooperative, the largest dairy company in Greece, also paid its 450 employees in the crisis-hit country in advance last week in order to ensure continuity of supply.

"We are holding more stock of child nutrition and condensed milk," spokesman Jan-Willem ter Avest told Reuters. "We took that decision ... to ensure supply to consumers because we expect people will want to buy more and keep it in stock."

Greece imposed capital controls on Monday after talks with creditors broke down, sparking long queues at banks and forcing authorities to impose a daily 60 euro cap on withdrawals.

With annual revenues of more than 11 billion euros ($12.2 billion), FrieslandCampina is one of the top five dairy companies in the world. It has been present in Greece since 1929 under its NoyNoy mark, the largest dairy brand in Greece.

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