Athanasios Papapanagiotou – Expands His Footprint Abroad

The outbreak of the economic crisis found the creator of Dromeas office furniture, Athanasios Papapanagiotou, with an ace up his sleeve: two years ago, the European Commission joined his client portfolio. The good news, that the Northern Greek company Dromeas would become the exclusive supplier of office furniture to the Commission, arrived in the summer of 2009. The agreement, which lasts for another two years, provided the 66-year-old major shareholder not only with a prestigious client but also with significant experience that has played a decisive role in opening new and challenging markets in Europe, Japan, the Arabian Peninsula, and even New Zealand.

QUALITY MEDAL

Moreover, the “rigorous, demanding, and time-consuming selection process,” as described today by the winner, included the construction of the library for European Commission President José Manuel Barroso. “It was one of the most demanding tasks we have ever undertaken, while at the same time it is the greatest quality medal the company possesses, opening new paths in international markets,” states the Northern Greek industrialist.
Furthermore, the contract somewhat shields him against the crisis for at least another three years, as it is expected to largely offset losses from the Greek market. These losses are already visible in the results of the company listed on the Athens Stock Exchange, headquartered in Serres. Dromeas’ sales fell last year to €12.7 million, from €17.7 million in 2009, leading to pre-tax losses. Losses amounted to €904,000 last year, compared to profits of €643,000 in 2009.

NEW EUROPEAN ORDER

The optimism of Dromeas’ major shareholder, who studied civil engineering in Bologna, Italy, was recently reinforced by a new European order: furnishing the offices of the European Organization for Nuclear Research (CERN) in Geneva. The 300-seat facility was equipped by the Greek company Dromeas with SLIM series desks, as well as numerous cabinets and bookshelves. Dromeas was again selected following an international market study at the European level. In this case, the strengths of the Greek company were “the combination of quality, respect for the environment, and competitive pricing.” The goal of Dromeas’ president and CEO is to produce high-quality, functional, and ergonomic products at very competitive prices, achieved through vertical integration. The company’s factory in the Serres Industrial Zone produces 35,000 items and employs 270 people. The Serres-born manager embarked on his entrepreneurial journey in 1979 after working for ten consecutive years as a civil engineer in both private construction and public projects. That year, he founded Dromeas, which now operates with orders both inside and outside Greece.

INTERNATIONAL PRESENCE

Dromeas’ international presence extends beyond orders from the Commission and CERN. The company has a subsidiary in Bulgaria, with an 800 m² privately-owned store on a central commercial axis in Sofia; a presence in Germany with its own showroom in Düsseldorf; and a store in Tirana, Albania. It also maintains partnerships in Romania, Egypt, the United Arab Emirates, Cyprus, France, and the United Kingdom. In total, the company’s network includes 32 stores. Points of sale are located in all major Greek cities, with two showrooms in Athens.

GREEK MARKET

In the Greek office furniture market, Dromeas holds significant market shares. Its client portfolio includes names from both the public and private sectors: public organizations and services, commercial banks, airports (Eleftherios Venizelos and Manila), large private enterprises, university classrooms, and healthcare institutions.

Mr. Papapanagiotou, however, expresses concern about the trajectory of the Greek economy. “Consumerism based on debt, the squandering of public funds, clientelism, and general political practices have created phenomena of decline that have spread beyond the public sector to the labor unions and large segments of Greek society,” he notes. At the same time, he describes himself as “concerned but optimistic.” Concerned because the cost we are paying is very high and the full extent and duration remain unknown; optimistic because the full exposure of the decline in which the country’s economy has been led over recent decades has finally emerged. Business activities require Mr. Papapanagiotou to travel constantly. He is in Athens at least one day a week. As a result, he misses his family—his architect wife Aikaterini, their two daughters, and their son. When he is in Serres, however, he makes sure to oversee production at his factory.