BSS058-6 Strategy and the Global Competitive Environment

Individual Report

Strategic analysis and evaluation of the internal environment

Chipita International s.a

Greece

By

Athanasia Gkara 1720918

Unit Coordinator: Dr Stephen Barber

An assignment submitted in partial fulfilment of the assessment for the

BSS058-6 Strategy and the Global Competitive Environment

Date of submission:

20/07/2018
Executive summary
Chipita S.A is a fast-growing fast-moving consumer goods company with a
robust international footprint. Chipita at present internationally in three key products
groups- croissants and parallel dough products, bread-based baked appetisers
(Bake Rolls) and other products. Chipita products formed in sixteen industrial plants
in ten diverse countries are distributed to consumers in a total of fifty- six countries,
through strategic partnerships.

The highest management skill of a business should be a successful strategy. A

business might be able to identify opportunities and threats (external environment)
and to assess its strengths and weaknesses (internal environment). The identification
could have achieved by evaluating the potential capabilities of the company (Piercy et
al., 1989). It is, therefore, necessary to have an accurate analysis of the internal
environment of the company, to determine the activities that can be performed better
than competitors and lead to a competitive advantage (Omerzel, 2013). The analysis
of the internal environment will examine the company’s position, capabilities, and
resources. The factors considered for the analysis of the internal environment include
the organisational structure (structure), the culture of (culture) and the resources of
the enterprise, marketing, research and development, production, the human
resources and information systems.

1
Contents
Executive summary.............................................................................................................................. 1
Introduction............................................................................................................................................ 3
Analysis.................................................................................................................................................. 4
Culture................................................................................................................................................ 4
Internal environment ........................................................................................................................ 4
Analysis of forces, weaknesses, opportunities, and threats (S.W.O.T.) .................................. 5
Positioning and segmentation ........................................................................................................ 8
Marketing mix.................................................................................................................................... 9
Product ........................................................................................................................................... 9
Place............................................................................................................................................. 10
Promotion .................................................................................................................................... 10
Pricing .......................................................................................................................................... 10
People .......................................................................................................................................... 10
Process ........................................................................................................................................ 11
Physical evidence....................................................................................................................... 11
Corporate strategies ...................................................................................................................... 11
Business Strategies ....................................................................................................................... 12
Suggested strategy ........................................................................................................................ 16
Marketing ......................................................................................................................................... 16
Human resources ........................................................................................................................... 16
Proposed Corporate development strategies ............................................................................ 16
Proposed changes to effectively implement the strategic........................................................ 17
Evaluation and control ................................................................................................................... 17
Conclusions ......................................................................................................................................... 18
References……………………………………………………………………………………………………………………………………….19
Appendices.......................................................................................................................................... 24

2
Introduction

This paper presents the strategic analysis of Chipita International S.A. with the
aim of selecting the appropriate strategy, how to implement the strategy and the need
for evaluation and control. This analysis is applied, using a model of strategic
management. The analysis of the present situation concerns the presentation of the
company, its object and its activities. The analysis of the company's internal
environment, the structure, culture and resources of the company, is also considered,
factors that affect the strategy equally. The following is the formulation of the proposed
business and operational strategies based on the above factors and the choice of the
best of them. It appears that the company needs to diversify with the development of
new product characteristics, to develop its distribution channels and to strengthen the
promotion of its products. The implementation of the chosen strategy has proposed
the participation of all employees, harmonisation of the individual programmes with
the programmed objectives, strategies and policies of the company. In the last part
highlighted the need for the chosen strategy to ensure its efficiency and to make any
corrective changes. Concluding this study the findings interpreted as Chipita
International S.A. is a very successful company with a leading presence in Greece
and abroad despite the intense competition and the changing conditions in which it
operates. It considered that the company is very capable and that it can remain a
leader in the market.

3
Analysis
Culture
Chipita has endorsed the principles of corporate social responsibility,
transforms into specific policies and actions in the daily operation (chipita s.a., 2018).
For this, modern business beyond the economic dimension, it also considers an
important and a multifaceted role in the formulation and development of the social
environment (Trebeck, 2008). Consequently, Chipita despite being a company with
multinational presence and multilevel organisational structures, is still it is linked to
traditionally strong links with the local community, while the management and
employee contact is kept instantaneous and individual. Chipita focuses on the quality
of its products, which depends on the food quality, and by extension, with the quality
of life of the consumer. The selection of raw materials implemented obviously with
possible strict specifications. The production process is perhaps fully automated
(chipita s.a., 2018). The production equipment is suggested as one of the most
advanced features of the industry today at the global level (Narayan, 2012). Quality
controls at all stages, from a selection of raw materials to distribution, they might
estimate persistent and rigorous.

Internal environment
The effective adaptability of enterprises is considered crucial, in an ever-
changing external environment, however, it is important to analyse the internal
environment, to determine the activities that apparently, be better executed or cheaper
by the firms about their competitors (Basol et al., 2014). The internal environment,
therefore, of an enterprise, consists of some factors, which refer to the corporate
culture, the efficiency of the administration and the combination of each form of
resources available. Resources, typically classified as material, human and intangible
resource (Ontorael et al., 2017).

Chipita International group characterised by a functional organisational

structure, while at the same time it has adopted and joined in its organisational shape
the principles of corporate governance adopted by companies listed in developed
stock markets (chipita s.a., 2018). The company has established a set of internal rules,
principles and control mechanisms to align the company's management with the
stakeholders' interests and to consolidate its credibility (Daboret al., 2009). At the top

4
of this administration is the President, with all the directors of the departments of the
company addressed to him while the Vice-President, as a rule, because of the major
activities of the organisation abroad, handles the brokerage, banking and foreign
exchange data (Fairfield, 2016). With the introduction of Chipita on the Athens Stock
Exchange, the Board of Directors is part of non-executive members, while the work of
the Board of Directors assisted by the control, remuneration and benefits committees
and internal audit(Athensexchangegroup, 2018). The departments that frame the
company, in general, declared in the commercial department. Usually, under the
President, is met by the Department of Marketing and Sales, the Division of
Production, which is responsible for checking the production units. The Financial
Department, Research and Development, Exports Department and the Section of
International activities, dealing with production units abroad (Puranam et al., 2017).

The most valuable resource of Chipita is its human resources, with the care of
its staff, being the main characteristic of its corporate culture. The executives of the
company argue that the secret of success of each organisation lies with the people
who surround it, with the company itself numbering more than 5,000 human resources,
constantly investing both in their values and abilities on sustainable development (
Rahimi et al., 2014). It is worth to highlight that the company does not have any human
resources department, considering that nobody can evaluate someone who works or
can work in the company better than an individual or the manager who works internally.

Chipita preserves over 20 distribution centres in strategic locations throughout

Greece. These products transferred from the factory to the distribution centres,
through the 2,000 wholesalers of confectionery products. The products located at
65,000 points of sale, covering more than 90% of the total sales points throughout
Greece. Approximately 35% of its total turnover achieved through the supermarket
chains and small retail outlets and the remainder through the wholesale (SEV,
2018).The company's goal is to serve within 24 hours of its clientele throughout
Greece mainland (sapelsop.gr, 2018).

Analysis of forces, weaknesses, opportunities, and threats

(S.W.O.T.)
An essential role in the export of strategic guidelines for the organisation is the
analysis of this business environment and competition, the main tool of this analysis

5
is the S.W.O.T analysis. A tool to study the strong and weak points of the company as
well as the opportunities and threats that exist in this environment (Helms and Nixon,
2010). The SWOT analysis, even though widely used, due to problems associated
with the process, its content and the subsequent use of its product, is considered by
some to be rather ineffective analysis and policy tool (Helms and Nixon, 2010). Helms
et al. highlight the in modern days is an urge to use in combination swot analysis with
other models to implement a thorough investigation of the business environment. Due
to the limitation of the word allowance in this report, Chipita SWOT analysis it could
present in the following table:

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Strengths Weaknesses

Alliances with powerful High loan liabilities.

companies that provide Centralism of
access to attractive administration.
distribution channels. Inability to find
A strong image of the investment funds.
company brand. The basic product of
The product of better the croissant not a
quality than differentiated from
competitors. those of competitors.
Strong customer base.
Wide geographic
coverage and
worldwide product
distribution.
There are possibilities
for the introduction of
innovations in
products.
Highly trained staff.
Chipita possibly has
strong relations with
the family of the Saudi
group Olayan that
recently collaborate.
Know-How of
producing croissants.

Opportunities Treats

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 Exploitation of Existence of several
emerging new
substitute products.
technologies.
Increase consumption Strong competition in
of Greek products.
the field of standard
Intense rhythms of life
in cities. food.
Demand for standard
Global economic
food and snacks at
high levels. crisis.
Expansion into new
Reduce consumer
geographic markets.
Αgreements on the purchasing power.
production of private
Increased buyer
label products.
bargaining Power
Change of eating
habits.
Table1: S.W.O.T. analysis chipita international s.a.

Based on the above analysis, Chipita International s.a., takes significant advantage
of the opportunities of the environment in which ιt is active, as well as its forces as a
company. Same is addresses its threats and weaknesses quite effectively. Therefore,
the above table shows that Chipita is a company that it appears, could properly assess
the strategic factors and the market situations, identify opportunities and make the
right moves to exploit them.

Positioning and segmentation

The company's products aimed at meeting the nutrition needs among the main
meals, for instance, they are consumed as supplements to the daily diet and not as a
basic foodstuff. Products addressed to those consumers who are interested in
something fast and tasty during the day and are particularly popular in children and
young ages. The company's customers are supermarkets, groceries and Kiosks in
Greece and abroad. A large part of sales (about 45%) it takes place in the prefecture
of Thessaloniki and Attica and follows the other regions of Macedonia and Thrace
(Inr.gr, 2018). Therefore, customers, they are mainly found in urban areas and mainly
in large cities.

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Marketing mix
The marketing mix is one of the most basic tools that experts in this field are
dealing with to achieve the strategic goal of a business. Specifically, according to
Constantinides (2006), the marketing mix is one of the most basic theory, and It was
described as a set of controlled marketing parameters. With that tool, a company can
produce its response to the needs of a company that targeting. The marketing mix has
been characterised by 4ps, by McCarthy in 1960 (McCarthy et al., 1969). Of course,
until now the elements of the marketing mix widened, after having added 3ps,
obviously, with the aim of better understanding the role of services in the marketing
sector. The added 3ps may be there since many companies depend on a product that
can be classified as a service and not as a commodity (Kushwaha et al., 2015).
Through the marketing strategy that follows, Chipita seeks to meet the multiple needs
of the market with some different products and services. The company seeks to
differentiate themselves from competition and to maintain its leading position in the
sector, increasing on an ongoing basis the market share(Kuncoro and Suriani, 2017).
Chipita focuses on creating brands that can establish close relations with the
consumer public. The business objective is to maintain and to strengthen these
relations of confidence and to achieve this it uses communication and all marketing
activities, which they are carefully designed to arouse interest in the continual
consumer (Gavlakova et al., 2014). This ongoing investigation of consumer needs in
combination with the high level of production of products could result in high-quality
product proposals. The company uses the marketing mix as a key tool for the analysis
of the internal environment and the achievement of the strategic objectives (Gordon,
2012).

Product
Products of the company are the standard food (snacks), salty (Crisps,
Cheetos, etc.) and sweets (croissants, biscuits, chocolates, Wafers,
etc.),(7days.chipita, 2018). Particular emphasis placed on the development of special
characteristics and the creation of new products. The main business of the company
is the production of croissants, bake rolls, bake Bars, other dough products (Strudel,
Treccia) and savoury Snacks (Cheetos, crisps). As international products considered
only the Croissants (individual and mini), Treccia, Strudel, mini Strudel, Choco
Croissants, bake rolls (Regular, Mini, sweets) and bake Bars. Finally, as local products

9
are considered, owing to a lack of international competitive advantage, the savoury
snacks (crisps, potato chips) (chipita s.a., 2018).

Place
As mentioned above, the company distributes its products through a nationwide
network consisting of suitably trained vendors and local representatives. The company
supplies the Greek market with a system of twelve distribution centres, and through
the 1,500 wholesalers confectionery products, Chipita products cover more than 90%
of the relevant points (haberdashery, kiosks, groceries, etc.) throughout the country.
The distribution is done in Athens by privately owned trucks of the company while in
the province with trucks of representatives (chipitalogisticscenter, 2018). The Product
distribution speed it is a key component of the company's success aiming at the 24h
customer service with the help of a large number of owned trucks.

Promotion
The promotion of the products is mainly through advertisements in all media,
and especially television covers 45%. Of the total advertising expenditure, it follows
the radio with 5% and the magazines and newspapers with 4% (Lekakos and
Vrechopoulos, 2006). The production of advertisements is made by affiliated with the
company advertising agencies and under the supervision of the marketing department
(Edelman and Brandi, 2015). The promotion is and with promotional materials such as
posters and leaflets and other actions such as special discounts on the price of the
product or quantitative offers and gifts. However, the best promotion apparently can
remain word of mouth.

Pricing
The company follows a pricing policy above the average, and in a sector where
there is fierce competition in price (SEV, 2018), However, the company's leading
presence in the market allows it follows such a policy. It seems that the company
focuses mainly on the high quality of its products that differentiates it from the
competition, and which might know the consumers.

People
Chipita considers that the human resources contribute an important role in its
capability and profitability and gives particular importance to the selection and

10
development of its employees. (Tirelli and Goh, 2015) , The company chooses people
with vigour, flexibility, the culture of evolution and creativity, while at the same time it
promotes their development and promotion. At the same time, the company provides
a competitive wage and benefit package and emphasises in the improving of the
knowledge and skills of workers with sustainable and substantial education and
training.

Process
The production process of Chipita International s.a. is fully automated. The
production equipment is the most advanced features today the industry at the global
level. Also, the selection of raw materials becomes with high and strict specifications,
and quality controls in all the stages, from the selection of raw materials to distribution,
is long-lasting and strict. Ensuring compliance with the hygiene rules and the
guaranteed production of superior quality products by the company is done through
complex processes that are constantly improving and evolving (chipita s.a., 2018),

Physical evidence
Products often have to offer tangible and intangible benefits to the
customers(Kushwaha and Agrawal, 2015). For chipita, it could be the physical
appearance of the product the package, the brand visible on the product or the colours
of the packet. Intangible characteristics of the products might consider the pleasure of
consumption of those snacks, the smell and the taste of the products. The relation of
the brake may a worker would have to consume these products.

Corporate strategies
Corporate strategies identify the individual strategies for the movements of the
company, while the particular emphasis placed on identifying the strategic direction
(Babafemi, 2015). The company can choose between three different strategic
directions: growth, stability or retrenchment. Chipita International is highly successful
in its field and has the necessary foundations for further development without
presenting significant problems. Therefore the strategy of stability probably will not
assist the company to grow. As a sequence, where the company's strong competitive
position in combination with the low market attractiveness, leading to the proposed
strategy where is the growth strategy. The strategy for growth usually is selected by
companies proportional to Chipita to become more competitive (Bobel, 2017). Chipita

11
growth is nourishing internally, by expanding the product line and externally, by
penetrating new markets outside Greece. Internal development takes place with the
design and production of new products, which are also essential for the raw material
flour, and relates to products that can be competitive both in the Greek and the global
market (McNally et al., 2011). The company has chosen to grow into new markets by
following a policy of spreading and driven mainly by the opportunities that presented.
The Chipita expansion strategy also verified by merging and the creation of Vivartia,
the largest food company in Greece and one of the largest in Europe (vivartia, 2018).
Undoubtedly this move leads to the development of infrastructure and systems for
more markets and it is obvious that the extension to the more countries will be much
easier and more efficient. The company should take advantage of this new situation
to consolidate its presence in the existing markets by focusing on Eastern Europe and
especially in Russia, which is a very lucrative market. Furthermore, the company could
specify the global trend towards the healthy diet, build on its strong R&D, flour-based
products, and get into the market for healthy snacks. Diversification is a very good
choice when the company can exploit the spine of an industry's competitive
capacities(Hron et al., 2008).

Business Strategies
According to Porter(1980), there are two main competition strategies: Cost
leadership and differentiation. Based on these two competitive advantage strategies,
the company it has essentially three options regarding the strategy that can be
selected, which given in the table below:

12
Illustration 1: Porter's Generic Strategies (Kazmaier, 2018)

According to the table above (Lewis, 1981), a company that follows a cost leadership
strategy must develop capacities that increase its effectiveness and reduce the cost
of its products(Wen-Cheng et al., 2011). The cost leadership, should have easy
access to capital and make continuous capital investments. The products must design
with the aim of making it easier to produce, while the distribution system and marketing
department must create a low cost. Chipita cannot implement such a strategy with low
pricing policy due to the high cost of the process production of its products. Any
reduction in the prices of products will mean damage to the company (Ke et al., 2012).
On the other hand, the company that follows a focus strategy must have the ability to
produce low-cost products in one area or to develop the ability to respond to
consumers(Diaconu, 2012). These skills based on the fact that a company is focusing
on a specific target market that can attend more easily and efficiently the needs of this
customer. Finally, a company that follows a diversification strategy must have
competences in the departments of the organisation providing and maintaining the
uniqueness and diversification of its products(Wan et al., 2010). The company should
continuously develop the research and development department for the innovation
and its technological capacities, and at the same time should emphasise in the

13
marketing and sales department oriented to the consumer. The company that
differentiates its products must have a corporate reputation for quality, a long tradition
in the industry and effective cooperation with distribution channels (Casadesus-
Masanell and Heilbron, 2015). However, it is critical to the cost of its products, so that
will not lose market share. Chipita in the course of its progress follows a diversification
strategy and through its developed R&D can supply the market with innovative
products (packaged croissants, bake rolls, bake Bars, etc.) that give it a benefit. Also,
the loyalty brand created by consumers is an additional entry barrier for new
competitors(Coelho, Rita and Santos, 2018). Chipita should continue to pursue a
diversification strategy because it will be able to respond more effectively to
competitive advantages (product quality, innovative products, distribution, similar
products). Therefore, the company must continue to invest seriously in R&D so that
the company can to attract more customers and thus increase the number of sales
and market share. Certain the increase in sales and the creation of larger economies
of scale, it is necessary to resolve the problems that the integration of its information
systems for the proper decision-making immediately(Fredriksson, 2018). Another
problem that Chipita is facing is the inevitable copying of their successful products by
competitors, which makes them lose their competitive advantages. So the challenge
for Chipita, as a dominant company in yeast products, is to launch constantly
innovating products to be one step ahead of the competition.

According to the Ansoff matrix(1991), a company can choose one of the marketing
strategies given in the table below:

14
Illustration 2: Oxford: Ansoff matrix, 2018

In this actual case, and if there is no possibility of developing the market, Chipita might
choose a marketing strategy market penetration and product development. The
product development strategy could implement with the development of new product
characteristics, such as expanding the range of flavours, shapes, refreshed
packaging, taking into account the new market trends for healthy eating(Bhuiyan,
2011). The market penetration strategy can achieve through the use of sales
promotion techniques such market pricing two products together, the product offer, or
more grams of the same product at the same price, either by offering some
independent gifts that add value to the consumer(Hauge, 2012). The pricing of Chipita,
which follows a diversification strategy instead of cost leadership, should not be pricing
skimming but penetrating pricing, always taking into account the pricing policy of
competitors (Feurer et al., 2018).

15
Suggested strategy
The results of the above strategic options for the company of Chipita
International S.A. indicates that it might propose some possible strategies to the
organisation. Specified the attractiveness of the market and the company's strength,
Chipita must follow a business strategy development. This strategy will achieve further
growth and turn the company into a competitive organisation. Possibly, the stability is
appropriate as a strategy only in the short term. As a business strategy, the company
must choose the differentiation. In this way, the company will be able to support any
efforts to develop and diversify the specific characteristics of its products and to deal
effectively with the competition. Apparently, can maintain its leading role in the market
and increase sales and its earnings. Operational strategies should determine by the
strengths of the company for each department:

Marketing
The best strategic choice is market penetration through the attraction of new
customers and the strategy for developing new products to cover the new needs. At
the same time, the company should follow a penetrating pricing strategy and
distribution through the synchronised development of new distribution channels.

Human resources
The strategy pursued by the company focuses on the choice of the competent,
experienced and highly qualified workforce and is the most suitable. At the same time,
the company should maintain its human resources in the long term through of a
motivation package.

Proposed Corporate development strategies

By completing the proposed strategies for the Chipita company, having first of
all studied both the internal and external environment, it is proposed to develop a
strategy of correlated diversification. It should implement by the creation of a new
production company, not standardised, but fresh and fresh soft yeast (croissants,
cakes, brioche), with an immediate expiration date, balancing the threat that it receives
from the substitutes of its standard products. Finally, following a product development
strategy and taking into account the social environment of the organism, classifying
the most consumption of healthier and fewer calorie foods a new consumer habit, It is

16
proposed to develop products with the characteristics of these low fats. Products such
as croissants with black chocolate filling and without stuffing, croissants with
diversified, whole grains, dough, wafers, cakes and similar chocolate products with
even more cocoa, aiming to attract a greater share of Market. Objective, which can
implement in and from a concentration strategy with the promotions of the company
to place more emphasis on its "Greek origin", while diversifying its products in the eyes
of consumers in relation to Those of the competitors.

Proposed changes to effectively implement the strategic

For the effective implementation of the above-proposed development strategies
of the company Chipita, a significant change that is recommended to take place refers
to the style of management and specifically to the centralism that It characterises.
Thus there is no room for manoeuvre by the partners. Leaders should be aware that
a factor contributing to greater success is relations with the external environment and
stakeholder groups, which requires them to be constantly in the process of cooperation
with them and Continuous learning to improve their leadership so that they can
contribute to the more effective development of the business. Finally, an additional
proposal for the effective implementation of the proposed development strategies
refers to the organisation of the company, namely the research and development
department. For the implementation of the proposed products with new features, the
organisation will need new human resources, with candidates familiar with new and
varied ideas, concepts, practices and processes that prevail and apply to Food
industry, standardised and non-standard, as well as extensive experience and
determination, to plan and achieve the goals. At this point, for the further promotion
of these products, a significant upgrade of the marketing and sales department of the
company is proposed, focusing on the satisfaction of the customer's needs and the
formation of a Creative communication with him.

Evaluation and control

The strategy review follows the implementation of the strategy and
measurement of the result. At this stage, the company uses objectives set to measure
the effectiveness of the operation. The target for Chipita is to increase sales by
diversifying the existing product, focusing on the production of safe and quality

17
products (Bunnefeld, Hoshino and Milner-Gulland, 2011). However, a screening and
evaluation process is only effective when they participate in it and the managers of all
departments (Babafemi, 2015). Each should assess the functions and activities of the
member of the company under its authority. As long as it collects the necessary data
and after processing, they might present them to the senior management of the
company. Nevertheless, the administration should receive at regular intermissions
(each month or three months), statistical analyses of the key results achieved,
subsequently that it has during the year a complete picture of the course of the
operation (Hassan, 2015).

Conclusions
There is no need to revise the mission and its aims of the business. The
orientation of sales, market penetration, the development, production and disposal of
safe food products and the successful expansion of its activities in other countries, it
is a comprehensive solution for tackling competition in the ever-changing environment.
The company must continue its internationalisation strategy and should preoccupy
with towards markets such as Russia and China, taking advantage of its size as a
member of Vivartia. Strategic options are joint ventures with other enterprises in new
business activities as well as other strategies such as exporting, acquisition, but also
a direct investment. The company must, given the global trend towards healthy
nutrition, to build on its strong R&D as well as the know-how available in flour-based
products, and to enter the market for the healthy snacks. Chipita should continue to
pursue a diversification strategy it will be able to respond more effectively to the
competitive advantages (product quality, innovative products, distribution of products
similar to chipita). Therefore, the company must continue to invest heavily in R&D so
that the company to be able to attract more customers and thus increase sales and
market share. Chipita must ensure that innovative products constantly launched to
cope with the inevitable duplication of its successful products from competitors, which
makes non-sustainable the competitive advantages, and be towards the competition.
Marketing strategy suggests market penetration that can achieve by using sales
promotion techniques such as price discount on the purchase of two products
together, a product offer, either more than one gram of the same product to itself or
by offering some independent premiums that add value to the consumer. The

18
company should focus on product development by developing new product
characteristics, such as expanding the range of flavourings, shapes, refreshed
packaging, taking into account the new market trends for healthy eating. Chipita
pricing should not be invoicing skimming but penetration pricing, always taking the
pricing policy of competitors. Concluding this study the findings interpreted as Chipita
International S.A. is a very successful company with a leading presence in Greece
and abroad despite the intense competition and the changing conditions in which it
operates. It considered that the company is very capable and that it can remain a
leader in the market.

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Appendices
• http://markets.businessinsider.com/balance-sheet/chipita
• http://helex.gr/web/guest/companies-
map?p_p_id=3&p_p_lifecycle=0&p_p_state=maximized&p_p_mode=view&_3
_struts_action=%2Fsearch%2Fsearch&_3_redirect=%2Fweb%2Fguest%2Fc
ompanies-map&_3_keywords=chipita+s.a.&_3_groupId=0
•
• http://helex.gr/web/guest/companies-map
• http://corallia.org/images/stories/StantonChase-NEWSWIRE12.pdf
• http://doingbusiness.ro/financial/report/961469/chipita-romania-srl/
• https://bloomberg.com/news/articles/2017-12-21/these-are-the-european-
ipos-that-investors-are-eyeing-for-2018
• https://jstor.org/stable/25062817?seq=1#page_scan_tab_contents
• http://sev.org.gr/syndesmoi/

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