Arcelik’s Romanian subsidiary Arctic to hit EUR 1 bln in revenues

Romania’s home appliance manufacturer Arctic, controlled by Turkish group Arcelik, will start the production of washing machines this year at its new factory in Ulmi, near Targoviste, which might help the company double its turnover toward EUR 1 billion according to estimates by Ziarul Financiar. The new plant involved EUR 100 million of investments, out of which EUR 35 million was a state grant from Romania’s Government and EUR 68 million was covered with a loan from the European Investment Bank (EIB). The new production unit will produce about 1.1 million household appliances in 2019 and the figure will double in the next few years. "In 2019, Arctic will complete the construction of a large-capacity factory focused on the production of washing machines," said Marian Dan Serban, the company’s production and technology director. Arctic is the largest local home appliance producer. It owns a factory initially developed during the communist regime in Gaesti, Dambovita county, where it manufactures refrigerators and freezers. The company exports about 80% of its total production to 70 countries, which makes it one of the country’s largest exporters as well. editor@romania-insider.com (photo source: Facebook / Electrocasnice Arctic)