Boutaris has expanded into Cyprus, according to press reports. Greek News Digest reported yesterday that the wine producer has established a production unit on the island.

The unit will be managed by a joint venture between Boutaris' Cypriot subsidiary, Inopiitiki, and the local Fotiadis group. The venture will be 20% controlled by Boutaris, while Fotiadis will hold 51%. The remainder will be held by Cypriot investors.

The new company will have an initial capital of €1m (US$1.22m).

Last month, Boutaris announced that its EBITDA for 2003 rose by 18% year-on-year to €8.14m, based on sales of €75.3m, an increase of 2.6%.