Who Owns Fage?

Fage was founded in 1926 by Athanassios Filippou as a small dairy business in Athens. The company grew through the mid-twentieth century as a Greek dairy producer and expanded into strained yogurt production using traditional Greek techniques.

In 1975, Fage was the first company in Greece to industrialize Greek yogurt production at scale, packaging the product for mass grocery distribution. This transformed Greek yogurt from a homemade or small-dairy product into a nationally distributed packaged food.

Fage entered the United States in 1998, importing its Total line of strained yogurts before the Greek yogurt category existed as a recognized segment. The brand built an early following among health-conscious and foodie consumers without significant marketing investment. Chobani's 2007 launch and rapid growth subsequently created a mass market for the style of yogurt Fage had been selling for nearly a decade.

Fage opened a U.S. manufacturing facility in Johnstown, New York, in 2008, allowing it to produce its yogurt domestically. The company has since expanded with a new facility in Johnston, Illinois, which serves as a major production center for the U.S. market.

In 2024, Fage reported total sales of EUR 645 million, with U.S. sales reaching EUR 406 million, a 22% increase over 2023. Net profit for 2024 was EUR 96 million. The company repaid a bond and freed itself from a restrictive credit agreement with Citibank, strengthening its financial position.

In 2025, FAGE Hellas (the Greek subsidiary) returned to profitability after years of losses, reporting net profit of EUR 6.36 million compared to a EUR 16.7 million loss in 2024. Revenue at the Greek subsidiary increased 18.1% to EUR 205.6 million, driven by 25.4% growth in international sales and 7.2% growth in the Greek market. Gross profit rose 24.9% to EUR 38.2 million, with gross margin improving to 18.6% from 17.6%.

Fage plans to build a new factory in Hoogeveen, Netherlands, to serve the British and Northwest European markets. The factory, with an initial capacity of 40,000 tons, was originally scheduled to be operational by 2024, but construction has been delayed to 2028 due to nitrogen issues and sewer connection requirements. The facility will be emission-free, powered by electricity. Until the Dutch factory is operational, more yogurt will be produced in Greece for the European market.