GE, Whirlpool, Ariston in talks to save Iranian appliance makersStaff Writer | January 9, 2017
Iran is in talks with American home appliance makers General Electric and Whirlpool, and Italy’s Ariston, to revive bankrupt domestic manufacturers ccording to an official with the Ministry of Industries, Mining and Trade.
Iran Factories have not been refurbished
“Iran’s old home appliance factories have not been refurbished over the past decades. They have been using the same technologies since the day they were launched.”
The bankruptcy of Arj, Iran’s oldest home appliance manufacturer, grabbed the headlines in local media. Being a state-owned firm with most of its shares belonging to Bank Melli Iran, companies like Arj faced rising expenses following their nationalization after the Islamic Revolution of 1979, which lowered their income and profits.
These firms attempted to save themselves by drawing on heavy loans and subsidized banking facilities, which accumulated their debt and led them to bankruptcy. ■