PROJECT

Projects

Summary of Proposed Investment

Project Number

20368

Company Name

ARCELIK AS

Date SPI Disclosed

Mar 11, 2003

Country

Romania

Industry

Manufacturing

Projected Board Date

Apr 14, 2003

Status

Completed

Sector

Household Appliances (Including Refrigerators, Laundry Machine, Dishwashers, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : May 6, 2003
Signed : May 9, 2003
Invested : May 28, 2003

Project Description

Arctic S.A. (“Arctic” the "company") is Romania’s only producer of refrigerators, with revenues of approximately $53 million in 2002. The $50 million project consists of : acquisition of Arctic by Arcelik, a Turkey-based home appliance leader, with a turnover of approximately $1.5 billion in 2002; Arctic’s conversion into an efficient production base for Arcelik’s refrigerator sales in Europe. Arcelik will improve Arctic’s performance through: implementing a modernization, quality improvement and capacity expansion program and restructuring Arctic’s existing financial liabilities.

Sponsor / Cost / Location

Development Impact