History

The KARAKOSTAS – GIANNAKOS COMPANY is established with its main activity the import and export of various edible products. The company’s activities take place mainly in Athens and in Piraeus.

Based in Ladadika of Omonia (Athens) and with trademark symbol the Goddess Athena, the GIANNAKOS – KARAKOSTAS COMPANY broadens its activities and begins to merchandise the most valuable good of the Greek soil: Olive oil.

Times change…and MINERVA becomes the first company to introduce the standardized olive oil packed in glass bottles. This is a breakthrough in the olive oil market which then starts to change radically. This period is also when the first advertisement for the MINERVA olive oil is published: “THE BEST NATURAL OLIVE OIL IN GLASS BOTTLES AND SEALED BOTTLES” urging consumers to opt for it with the slogan: “Try the MINERVA brand name; it is more economical because it lasts longer than any other”.

“MINERVA olive oil advertisements are published: “”THE BEST OIL FOR SALADS COMES ONLY IN GLASS BOTTLES AND SEALED BOTTLES”” because: “”It is the best of all, because it is produced only from the finest olives. Be aware of imitations and ask persistently for the MINERVA olive oil brand name. No matter how hard they try to imitate us, they cannot reach us””. For the first time the Company uses the distinguishing title “MINERVA OIL COMPANY””.”

“The two partners of the company take their own, separate ways and the old company remains in the hands of Evangellos Giannakos and is renamed to MINERVA E. GIANNAKOS & SONS GP. Dimos Karakostas, the other partner, keeps the production and packaging of the REGGINA olive oil marking his own course in time.”

The “authentic MINERVA olive oil” becomes very successful among the citizens of Athens and it manages to gain a place in their heart. It also manages to obtain positive critics and comments through its innovative and inspiring advertisements in the capital’s newspapers.

“Aggelos Sachpaloglou, owner of the company called “TYPEL” and competitor of MINERVA, falls in love with the daughter of Evanggelos Giannakos, Eleni Giannakou, and in 1951 he marries her. The two companies merge. The new company is called “MINERVA Oil Company P. Giannakos & A. SACHPALOGLOU GP” and distributes brand name products like MINERVA, KRINOS, KRONOS, and STERLINA. In 1957 the Company establishes its own factory for

Exporting to all continents the company has now acquired worldwide clientele (England, Egypt, Asia, Australia, Austria, Belgium, Venezuela, Bulgaria, France, Germany, U.S.A., Italy, Kenya, Congo, Malta, Holland, Hungary, Poland, Rhodesia, Romania, Soviet Union (former), Sudan, Tanzania, Czechoslovakia (former) and others). MINERVA was the first company to start business with the former Soviet countries.

On July 28th, 1971 the old company under notary act n.7537 changes formation and is no longer a General Partner, but becomes Limited under the distinctive name “AGGELOS SACHPALOGLOU AND COMPANY LIMITED”.

“This year is marked by the entrance of the Company in the production of cooking fats. Cooking fats under the brand name “MINERVA Vitamin Cooking Fat” are produced and a new advertising campaign starts promoting these products.”

The Company enters dynamically in the field of the edible seed oils with the MINERVA corn oil.

Starting from this year the Company, besides olive oil and cooking fat, also produces soap.

The MINERVA cooking fat gets modernized and improved. It also gets a “new revolutionary packaging”. It is now called “MINERVINI” and it is advertised everywhere gaining step by step its own place on the shelves of the super markets and in the hearts of the consumers.

This year is a milestone for the history of the Company. The strategic partnership of MINERVA Ltd. with the international group of Paterson Zochonis & Co. opens a new window to the future.

The immediate capital enforcement of the Company by its strategic partner-shareholder, Paterson Zochonis and Co. Ltd., constitutes the beginning of significant investments in the production field and signifies innovative reconfigurations for the Company.

The production of the margarine called FAST is the last important stop in the history of the Company for this decade as it gives a whole new boost to the Company; it opens new markets and it completes the Company’s profile as far as the production of olive oil products and fats is concerned.

MINERVA Ltd., once more, takes a step ahead. It creates a new brand name in the category of extra virgin olive oils; CHORIO. It focuses on the relation of the product with mother earth and at the same time acts against the uncontrolled distribution of olive oil in bulk which might be based on a tradition, but sets the expectations of the consumers lower and lower every time. CHORIO enters the market dynamically and soon manages to set itself

The Company tries to gain extra benefits from the production of the MINERVA CORN OIL, and it introduces the MINERVA GOLDEN SOFT margarine made from corn oil; a true model product for its time.

The Company imports and distributes in the Greek market the rice under the name RIZIANA, a move which came as the result of the collaboration of the Company with the production company of the rice, the Belgian company called BOOST; one of the largest companies of its kind in Europe. It also imports and distributes in the Greek market the IMPERIAL LEATHER soaps which are produced by the Paterson & Zochonis Group.

The decision for the construction of a new factory is made. After the decision of the international group PZ to get more drastically involved in the Greek market, it invests 35 million euros and creates a state-of-the-art factory, one of the best in Europe.

In June the actions for the construction of the new factory begin with a rapid pace and in December 1996 part of the packaging unit – the margarine production unit more precisely – is completed.

CHORIO makes another innovative step and becomes CHORIO KORONEIKI VARIETY, the one and only olive oil that comes from a single variety of olives. Koroneiki is one of the finest varieties of olives in the world. This change gives CHORIO an entirely new boost.

The Company creates another innovative product in the field of margarines by producing margarine with yoghurt, FAST with yoghurt.

“The vision for the technological modernization and relocation of the production unit of the Company comes true in September 1999, when the production unit is transferred from Moschato to Schimatari of Viotia. The dreams of so many years had finally become a reality. The new MINERVA factory is fully operational, ready to fulfil the visions of the new generation at the helm of the Company. Schimatari Plant The state-of-the-art MINERVA factory in Schimatari of Viotia denotes the fulfillment of a long and visionary plan regarding the technological modernization of the company; a combined result of the concepts and business strategies shared with the Paterson Zochonis Group. Accomplishing a program of effective investments which reached the amount of 50 million euros, MINERVA created a state-of-the-art factory in terms of technology; undoubtedly one of the best in Europe. In the new factory in Schimatari of Viotia, the ultra modern technological methods of production and packaging exist together with the true respect for the environment and the Greek nature. The factory having begun operating in 1999, is ready to fulfil the visions of the new generation

The new FAST margarine with honey is produced giving a soft, velvet taste and feeling to this type of margarine.

“The company expands the import and distribution of consumer products from Paterson & Zochonis and among these products are the brand products Morning Fresh and Imperial Leather. MINERVA S.A. renews and modernizes the packages of its traditional products of olive oil, margarines and cooking fats in order to celebrate its 100th birthday from the day of its establishment and introduces a whole new era of marketing, advertising and promotion policies for its products.”

“Minerva acquires the former FAGE cheese plant. Ioannina Plant The amount allocated by MINERVA within the 3 years that followed, for acquisition, expansion and modernization of the plant reached a total investment of 10 million euros. Currently the plant employs 39 workers and has a capacity of 3,000tons of cheese.”

The expansion of MINERVA in dairy products is a strategic policy. With this acquisition MINERVA extends to a branch of the food market, thus broadening the range of export products and combined advocacy.

Minerva acquires TOP, the No1 vinegar and balsamic vinegar in Greece.