EIB supports construction of Arctic white goods factory in RomaniaStaff Writer | | Friday July 13, 2018 9:15AM ET
Europe The region will become an innovation centre
The European Investment Bank (EIB) is lending EUR 68 million to white goods producer Arctic to finance the construction of a large-scale washing machine production plant featuring advanced manufacturing technologies and automation efficiency.
READ MOREThis transaction is guaranteed by the European Fund for Strategic Investments (EFSI), which is the central pillar of the Investment Plan for Europe.
The EFSI support will stimulate greenfield foreign direct investment to attract new investments and transform Romania into a white goods production hub for Europe.
After completion in 2019, the new factory will produce some 2.2 million washing machines a year.
This will allow Arctic - currently the market leader in the Romanian white goods market with more than 40% market share - to meet increasing demand in the European market.
Arctic is part of the Arçelik Group - the third largest producer of white goods in Europe and the seventh largest in the world.
The project is highly innovative, enabling the implementation of the latest automation processes and the integration of Internet of Things applications, including intelligent machines, inter connected devices and cooperative robotics technologies.
Thanks to Arctic’s investment, the region will become an innovation centre with the potential to attract further investments. ■
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