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BIOFIAL HYDRAULICS’ opinion regarding the Greek Economy and the International Elevator Market hosted in the Spanish Elevator Magazine “ASCENSORES y MONTACARGAS”

It is an honor for BIOFIAL HYDRAULICS to been asked to share its opinion and its experience in any professional media form that addresses to the global elevator community.

In this occasion, Mrs. Fotini K. Hatziefstratiou (International Business Operations Coordinator & Financial Manager) on behalf of BIOFIAL HYDRAULICS, was questioned regarding the current economy situation of Greece and how this affects the business activity of BIOFIAL HYDRAULICS in the international elevator industry. In this interesting report on the Greek elevator market, BIOFIAL HYDRAULICS underlines the obstacles, the challenges, the practices and the perspectives related to the global market, as considered from the company’s point of view. 

The article as featured in the Spanish Magazine “ASCENSORES y MONTACARGAS” (Issue No.81/2015, pages 76-82) is re-posted below:

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(You can view the article in pages: 76 up to 82)


Below is available in English language the questions issued by the journalist Mrs. Isabel Arjona on behalf of “ASCENSORES y MONTACARGAS” Magazine and the corresponding answers given by Mrs. Fotini K. Hatziefstratiou on behalf of BIOFIAL HYDRAULICS:


AyM:   Greek economy is going through a very difficult situation. How has this affected the Greek elevators industry in general?

B.H.:   Indeed, the Greek economy is going through maybe the most challenging period of the past decades. As a result, the Greek lift industry, despite its strong international presence and its dynamics, could not be unaffected due to the fact that the Greek construction field has almost been “demolished”. The operation of elevator companies within the Greek territory is almost none existent and the obstacles that appear in the minimum activity that withstands, are too complicated to overcome them. But times change, bringing new conditions and creating different circumstances. In my opinion, the Greek lift industry must, and also can, withstand in this new era.

AyM:   And your company in particular?

B.H.:   It would be impossible for BIOFIAL HYDRAULICS not to be affected by all the negative outcomes that the Greek economic crisis imposes to any Greek company. But fortunately enough, in our occasion, the strategic of intensive export orientation & internalization we have applied, acts as a counterbalance to the various obstacles and allows the scale to balance out more evenly to any changes that are forced. The flexibility and the adaptive nature of our company allow the direct confrontation of any problems, with the most efficient means possible. The trust and loyalty of our old and new international customers, has been proven to be our most valuable asset in this difficult era. Also, the credibility and support that our international suppliers have shown to our company, has been equally important for our continuous and smooth operation. The result of the above factors has been the ongoing increase in BIOFIAL HYDRAULICS turnover, the continuous entry in new international markets and the steady uprising in our global clientele. New strategic cooperations with customers and suppliers on a global level have been formed the last years, stating that despite the unstable Greek economic environment, our company keeps marching ahead.   

AyM:   Internalization seems to be the only possible opportunity for Greek elevators industries? What countries are the most important for the industry and why?

B.H.:   For more than 2 decades the export experience of BIOFIAL HYDRAULICS clearly states that the extroversion is the only solution for the Greek elevator industries. The companies that have intensively reached for this goal and have made sufficient efforts to export their products in countries around the globe before the economic crisis appeared and continuing targeting in such actions, are the ones that can successfully withhold and face the devastating consequences of this crisis. Moreover, taking into account the political and economical evolutions that take place in a global scale, the dispersion in all the areas of the international elevator market is extremely important. For BIOFIAL HYDRAULICS that exports its products to 39 countries in the 5 continents, there is no comparison to more or less important markets. It needs no mentioning that markets that are going under development appear more appealing, but we consider that there is always potential in infiltrating and expanding further in many countries throughout the globe, since the majority of the Greek elevator industry, including BIOFIAL HYDRAULICS, manufactures premium quality products that are reliable and can stand with pretension even among the most demanding global markets.

AyM:    What are, in your opinion,  the perspectives for Greek elevators industry at short medium term?

B.H.:   The Greek economy and of course the Greek elevator industry included, still have a long and rough way ahead. But in our opinion, this must be considered as a challenge and not as an obstruction. The companies that are equipped with dynamics, conscious internalization strategy, extraverted behavior and flexibility and at the same time are capable of producing supreme quality products, with advanced safety features and sufficient technical completeness, can have a positive gaze into the future. Therefore, the Greek elevator industry as a total, has to face a lot of obstacles and difficulties ahead that relate to the Greek unfavorable state, but has the means to overcome and preserve or even develop furthermore its significant presence in the European and the global market.

AyM:    Anything that you consider interesting for the elevators specialists Spanish readers.

B.H.:   BIOFIAL HYDRAULICS is known for its premium quality products and its capability to produce besides the standardized parts or complete hydraulic lift systems, custom made products according to the most demanding or specialized specifications of its international clientele. In this last year the company has been intensively involved in the Iberian peninsula. Also, it has an over a half decade of active presence in South America territory, in countries such as Argentina, Brazil, Mexico. Finally we would like to mention that BIOFIAL HYDRAULICS has entered important new markets such as China and Russia and currently is consecrated in expanding in the USA market.


Also in the following link you can visit the corresponding post on the “ASCENSORES y MONTACARGAS” Magazine official website. 

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