The new plant will produce 2.2 million washing machines per year, generating about 1,400 new jobs in a less developed region facing structural change. This is the first production unit in Romania and one of the few in Europe that meets the "Industry 4.0" standards.

"After completion of the construction process, in 2019, the new plant will produce annually approximately 2.2 million washing machines. This will allow Arctic - currently the market leader in home electronics products, with a market share of over 40% - to meet the growing demand on the European market. Arctic is part of the Arçelik Group - the third largest household appliance manufacturer in Europe and the seventh in the world", the bank said on Friday.

This transaction is guaranteed by the European Investment Fund (ESF), the central pillar of the Investment Plan for Europe. EIS support will stimulate foreign direct investment in rural areas to attract new investment and turn Romania into a production center for the whole of Europe.

"This highly innovative project, supported by the Investment Plan for Europe, will create 480 direct jobs and 900 additional supplier-level employment opportunities. The factory will be located in the South-Muntenia region, which faces structural economic challenges after the closure of factories in the steel industry and is characterized by a high unemployment rate and a low degree of technological production. For this reason, the investment has a great value for the region", says EIB Vice President Andrew McDowell.

In turn, Arçelik's chief financial officer, Polat Şen, said that this investment is an important step in turning Romania into a center of excellence in the production of home appliances.

Arctic is the leader in the home appliance market in Romania and owns the largest production unit in mainland Europe, the Găeşti plant producing up to now over 31 million freezers. Arctic is also one of the most important companies in Romania, with over 3,600 employees, including subcontractors, and a turnover of 2.2 billion lei in 2017. (source: focus-energetic.ro)