BUSINESS

Arctic invests EUR 24 M in new production line of refrigerators



A new production line of refrigerators was launched yesterday by household appliance manufacturer Arctic, part of Arcelik Group, following a EUR 24 million investment that will result in 400 new jobs in the next 5 years. Of the overall investment, EUR 10.2 million comes from state aid and the rest was supplied by the company, Mediafax notes. “This marks a new stage in the development of the Arctic brand because it allows us to continue to grow. Our production in recent years has been at maximum capacity. Arctic’s performance has been constantly positive, with an average growth rate of 5 percent a year,” Monica Iavorschi, General Manager of the company, stated. Thanks to this new investment, Arctic was able to increase production by 25 percent to 2.5 million units a year, manufacturing horizontal freezers and vertical refrigerator under the Arctic brand, designed primarily for local markets and under the Beko brand, designed for export as well. In fact, 85 percent of Arctic’s production is aimed at exports. “This investment will help increase the exports rate. Arctic has become the largest refrigerator factory in Europe. We have already created 195 jobs and plan to create up to 572 in the following five years. The state will recover its investment in less than 5 years.

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