Romanian electronics manufacturer Arctic SA is planning to open a new factory for manufacturing washing machines.
As the largest Romanian producer of household appliances and one of the largest refrigerator manufacturers in Europe, Arctic certainly wants to invest big in a new factory.
The European Investment Bank (EIB) is lending 68 million EUR to finance the construction of a large-scale washing machine production plant. The European Fund for Strategic Investments (EFSI) guarantees this transaction, as the central pillar of the Investment Plan for Europe.
The new center will be able to manufacture around 2.2 million units each year, with the help of close to 1,400 employees, benefiting one of the country’s less developed regions.
‘This highly innovative project, supported by the Investment Plan for Europe, will create 480 direct jobs and 900 additional working opportunities at a supplier level. The facility will be located in the South-Muntenia region, which is facing structural economic challenges following steel industry closures and is characterized by high unemployment and a low degree of technology manufacturing. For this reason, the investment has a great value for the region’, according to the EIB Vice President, Andrew McDowell.
The biggest improvement comes from the fact that this will be the first factory in Romania and, actually, one of the few in Europe to be compliant with the industry 4.0 standards, meaning it will be equipped with the Internet of Things, Internet of Services and Cyber Physical Systems.
‘This project embodies Romanian excellence in terms of innovation and advanced technology. The Investment Plan for Europe is giving Arctic the financial boost it needs to expand beyond local markets and create quality, sustainable jobs in Romania. This is a concrete example of successful industrial modernisation, supported by the EU. I congratulate the EIB and Arctic on this great deal’, said Corina Creţu, Commissioner for Regional Policy.