Appliance producer Arctic has just received a state aid of RON 162.5 million (EUR 36.1 million) to build its second plant in Romania, where it will produce washing machines.
The project’s total value amounts to around EUR 105 million, of which 35% represents state aid, reports Ziarul Financiar. The investment in the new Arctic factory would generate 480 jobs.
This was one of the four projects for which state aid was approved in 2016. The other three companies getting state financing for investments are the car parts producer Robert Bosch, Swiss aluminum components producer Alu Menziken, and Italian car parts producer Pirelli Tyres Romania. This means that all the four projects supported by the state are part of the manufacturing industry.
Arctic is the largest appliance producer in Romania, with a turnover of EUR 376.7 million in 2015. The company, owned by the Turkish group Arcelik, has a factory in Gaesti, Dambovita county, where it produces about 1.9-2 million refrigerators and freezers.