Turkish Arcelik Group, owner of Arctic Gaesti, the biggest local manufacturer of home appliances and the third-largest European player in the filed, wants to build a factory of washing machines in Romania, the project requiring investments of EUR 105 million, no VAT.
Called “Washing machine – a new Arctic factory”, the project will be discussed by the company’s shareholders at a meeting scheduled for mid-February, local media informs.
The investment approval is conditioned by getting a state aid amounting to EUR 37.5 million, through the aid scheme initiated by GD 807/2014.
Arctic will support the investment by allocating the profit which remained undistributed from previous years (until 2014 inclusive), amounting to RON 315 million (EUR 70 million).
With over 3,000 employees, Arctic recorded a net profit of RON 571.7 million during 2009-2014, according to Ministry of Finance data.
The last big investment of the Turkish group at Gaesti was made in 2013, when Arcelik Group inaugurated a new production line at home appliance producer Arctic of EUR 24 million.
Arcelik owns in Romania three powerful brands – Arctic, Beko and Grundig.