Romanian appliance producer Arctic doubles its business after 2008

Arctic Gaesti, the largest producer of appliances in the local market, recorded a turnover of EUR 450 million last year, up 12.5% year-on-year. The company doubled its business between 2008 and 2016 after almost constant annual growths, regardless of the economic context, reports local Ziarul Financiar. If the company keeps the same growth pace, it could exceed a turnover of over EUR 0.5 billion this year. Exports accounted for 70-80% of the total business. Arctic’s net profit amounted to about EUR 38 million last year, up 22% year-on-year. However, the number of employees fell below 2,800, compared to almost 2,950 in 2015. Arctic is owned by the Turkish group Arçelik. The company announced at the beginning of April that it would invest EUR 103.5 million in building a new washing machine factory in the village of Ulmi, Dambovita county. The company already currently has a refrigerator plant in Gaesti. editor@romania-insider.com